A step-down power supply receives an external power supply voltage and supplies power at a reduced voltage from an output node to a load. The power supply also receives a reference voltage and a control signal indicating the whether the load is active or not. The reduced power supply voltage is held equal to the reference voltage by adjustment of the voltage at an internal control node. To prevent fluctuations in the reduced power supply voltage at active-inactive transitions of the load, the power supply includes circuitry for pulling the voltage at the internal control node both up and down, circuitry for leaking current from the output node to ground, circuitry for temporarily raising and lowering the reference voltage, or a capacitor coupling the reference voltage signal line to the control signal line.