A two-stage power converter that dynamically adjusts to output current requirements includes a first stage regulator that provides power to a second stage regulator. The first stage can be a buck converter, and the second stage can be a multiple-phase buck converter. The output voltage of the first stage (intermediate bus voltage Vbus) is varied according to the load current to optimize conversion efficiency. To provide maximum efficiency, the Vbus voltage is increased as load current increases. The Vbus voltage provided by the first stage can be varied by duty cycle or operating frequency control. In another embodiment, the switching frequency of the second stage is varied as output current changes so that output current ripple is held constant. In an embodiment employing a multiple-phase buck converter in the second stage, the number of operating phases are varied as output current changes.