Current balancing in a multi-phase power supply

According to example configurations herein, a controller is operated in a control mode (such as a high-speed control mode) in which the controller controls multiple phases in the power supply to produce an output voltage. The output voltage produced by the controller supplies current to power a dynamic load. While in the (high-speed current balance) control mode, the controller: i) produces, for each of the multiple phases, a respective current value representative of an estimated amount of current supplied by that phase to the dynamic load; and ii) modifies an order of activating the phases based on magnitudes of respective estimated current values produced for the multiple phases.