A voltage regulator circuit may generate a regulated voltage level using a voltage level of a feedback node. The regulated voltage level may be distributed, via a power distribution network, to package power supply node of a package, into which an integrated circuit has been mounted. Power switches included in the integrated circuit may couple the package power supply node to respective local power supply nodes in the integrated circuit. A particular power switch may selectively couple different ones of the local power supply nodes to the feedback node, allowing the voltage regulator circuit to compensate for reductions in the regulated voltage level due to the power distribution network, as well as adjust the regulated voltage level based on power consumptions of load circuits coupled to the local power supply nodes.