A power regulation control circuit is implemented as part of a power converter. The power regulation control circuit is implemented during two modes, a sleep mode and a wake-up mode. During the sleep mode, the power regulation control circuit detects a no-load presence and artificially increases the output voltage Vout to its maximum allowable value. This can be accomplished by pulling up an output of an error amplifier that feeds a PWM module. During the wake-up mode while the power converter wakes up from the sleep mode under maximum load, the output voltage Vout sinks from the artificially higher voltage, but still stays above a minimum operational voltage level. A slew rate compensation can be implemented to control a rate at which the output voltage drops when a load is applied. The artificially high output voltage during no-load condition and the slew rate compensation provide open loop voltage adjustment.