A multi-phase switching voltage regulator includes a controller and a plurality of power stages each configured to deliver output current to a load through an inductor. At least one of the inductors has a higher open circuit inductance than the other inductors so that at least one of the power stages has a different output inductance compared to the other power stages. The controller is configured to control switching of the power stages so as to regulate an output voltage of the multi-phase switching voltage regulator, including allowing all of the power stages to provide current to the load through the respective inductors during a full power event at the load and preventing all of the power stages except for the at least one power stage having the higher open circuit inductance from providing current to the load during a low power event at the load.