In dynamic voltage sag correctors and other power conversion equipment having a DC bus that is subject to over-voltage conditions due to power being fed back by a regenerative load, a bus discharge switching device and a discharge resistor are connected in series across the DC bus lines. The discharge switching devices are switched on to discharge the energy storage device connected to the bus, or to separately discharge the two capacitors of a split capacitor DC bus, to eliminate the over-voltage conditions. The discharge switching devices may be switched on and off periodically with a selected duty cycle to discharge energy from the energy storage capacitor or other energy storage device through the discharge resistor at a rate which does not exceed the power rating of the discharge resistor. The discharge switching device may be switched with a fixed duty cycle or with a variable duty cycle that is based on the dynamic power dissipation characteristics of the discharge resistor.