A power supply configuration includes a monitor circuit to monitor an output voltage and output current of a power supply. The output voltage can be used to supply power to a dynamic load. The power supply varies a rate of changing an adaptive output voltage reference value that tracks the output voltage. Based on a comparison of the output voltage with respect to the adaptive output voltage reference voltage value, a controller associated with the power supply controls switching operation of the power supply to maintain the output voltage within a voltage range. For example, modifying the rate of changing the adaptive output voltage reference value over time depending on current operating conditions of the power supply changes a responsiveness and ability of the power supply to provide current to the dynamic load.