The invention relates to a method for operating a switched mode power supply as an isolating transformer. According to said method, magnetic energy is stored in the core of a transformer during a storage stage via a primary coil that is connected to an intermediate circuit current and the stored magnetic energy is delivered to a load in a subsequent discharge phase, for the most part by means of a secondary coil, a small part of said magnetic energy being discharged on the primary side. The energy that is discharged on the primary side charges a capacitor in such a way that the capacitor current is always held above the secondary current multiplied by the transmittance ratio of the transformer.