A power supply for providing a modulated output voltage to a load is disclosed. According to various embodiments, the power supply comprises a plurality of parallel-connected switch-mode power modules and a controller. The controller is connected to each of the power modules and is for controlling the duty cycles of the respective power modules such that the power modules have a common duty cycle in steady state, but in a phase-shifted or "interleaved" manner. In addition, the controller is for controlling the output voltage of the power converter by controlling the ratio of power modules in the forward state at a time to the total number of power modules. In this way, by providing a sufficiently large number of power modules, arbitrarily low output voltage amplitudes and intra-level oscillations can be achieved. Further, the rate of modulation of the output voltage can exceed the switching frequency (f=1/T, where T is the switching period) of the power modules. An rf power amplifier system including such a power supply is also disclosed.