Embodiments of the present invention are directed to a memory subsystem comprising a memory controller, multiple memory modules interconnected with the memory controller by one or more communications media, each memory module comprising a substrate to which multiple memory chips are mounted and electronically connected to the communications media, and a power-supply signal routed to two or more voltage regulators within the memory subsystem from a system power supply, the voltage regulators outputting two or more internal power signals, each power signal providing a different, regulated voltage, which are routed to each of the memory chips. Another embodiment of the present invention is directed to a memory module comprising a substrate to which multiple memory chips are mounted and two or more voltage regulators mounted to, or fabricated within, the substrate.