A system is provided for powering electronic system modules in an equipment rack. A circuit breaker is mounted to the rack and configured to receive a rack AC power feed. An AC-DC converter module is mounted to the rack and configured to receive the rack AC power feed from the circuit breaker and to convert it to a first DC voltage at an output. A set of switching DC-DC output converters is provided. Each is disposed physically proximate to or within one of the electronic system modules and is configured to convert the first DC voltage to a second DC voltage suitable for consumption by the proximate electronic system module. A bus is configured to distribute the first DC voltage from the output to each of the switching DC-DC output converters.