A switched mode power supply, SMPS. The SMPS comprises a switch, one or more inductors, an output smoothing capacitor, and a controller. The controller is configured to determine a first energy difference that is an instantaneous energy in the inductor(s) minus an energy in the inductor(s) at a load current, and determine a second energy difference that is an energy in the output smoothing capacitor at a reference voltage minus an instantaneous energy in the output smoothing capacitor. The controller is further configured to turn the switch on and off with a clock rate and a variable duty cycle such that the switch is on from the start of each period of the clock until the first energy difference is substantially equal to the second energy difference, and such that the switch is otherwise off.