In accordance with an embodiment, a method includes driving an electronic switch in a switched-mode power converter in successive drive cycles, wherein driving the switch in each of the drive cycles comprises switching on the electronic for an on-period and subsequently switching off the electronic switch for an off-period. The method further includes establishing the on-period based on a comparison of an on-time signal with an off-threshold, calculating the off-threshold based on an output signal of the switched-mode power converter and a compensation offset, and calculating the compensation offset in one drive cycle based on an estimated delay time, wherein the estimated delay time is calculated based on a measured delay time and an estimated delay time of a previous drive cycle.