Circuits and methods are provided for utilizing decoupling capacitors to mitigate voltage droop on power supply lines of a power distribution network. A power supply line is capacitively decoupled using a first decoupling capacitor connected to the power supply line and charged to a first voltage level of the power supply line. A second decoupling capacitor is pre-charged to a second voltage level greater than the first voltage level and held in standby. A control circuit determines or predicts an occurrence of a droop event in which the first voltage decreases to a level which is at or below a droop threshold voltage level, and selectively connects the pre-charged second decoupling capacitor to the power supply line to source additional boosting current through discharging of the second decoupling capacitor and thereby capacitively decouple the power supply line using the higher second voltage and additional boosting current.