Multiple example valve amplifiers are provided. A first example valve amplifier is provided which comprises (i) a valve power amplifier switchable between a high-power mode and a low-power mode and (ii) a loudspeaker simulator circuit, the valve amplifier being configured such that the valve power amplifier drives the loudspeaker simulator circuit in the low-power mode. A second example valve amplifier is provided which comprises a switched-mode power supply, SMPS, system), the SMPS system comprising (i) an SMPS and (ii) circuitry configured to enable an output impedance of the SMPS to be switched between first and second output impedances, the first output impedance being lower than the second output impedance.