A system and method for efficient power transfer on a die. A semiconductor chip comprises on a die two or more computation units (CUs) utilizing at least two different voltage regulators and a power manager. The power manager reallocates power credits across the die when it detects an activity level of a given CU is below a given threshold. In response to receiving a corresponding number of donated power credits, each of the one or more selected CUs maintains a high activity level with a high performance P-state. When a corresponding workload increases, each CU maintains operation and an average power consumption corresponding to the high performance P-state by alternating between at least two different operational voltages. When the operational voltage drops during the alternation, the current drawn by the particular CU may exceed a given current limit. The power manager detects this current limit is exceeded and accordingly reallocates the power credits across the die.