A switching power supply is disclosed for improving the no-load power drain of low-power mains operated supplies. The power converter utilizes a cascoded switch arrangement with a conventional high voltage power MOSFET and a low voltage, low gate charge MOSFET. Driving only the small low voltage device reduces the power required for gate drive. The disclosed configuration is also capable of generating a non-isolated auxiliary rail for powering its control circuitry utilizing the parasitic capacitance of the high voltage power devices as an element in a charge pump. The resulting power supply requires significantly fewer components.