One aspect is a method that includes applying a plurality of incrementally varying voltage targets to a plurality of power phase converters operating in parallel between a source voltage rail and a load voltage rail. A phase temperature of each of the power phase converters is monitored. The phase temperature of each of the power phase converters is compared to a thermal adjustment limit. One or more of the power phase converters are adjusted to reduce an associated output current based on determining that at least one of the power phase converters exceeds the thermal adjustment limit. Power phase converter adjustments can be performed in a balanced manner such that a net sum voltage at the load voltage rail is substantially unchanged after the adjustments.