A power supply has multiple power supply modules connected in parallel. Each power supply module has a power conversion circuit having an input coupled for receiving an input voltage. A resistor is serially coupled in an output of the power conversion circuit. A current limit amplifier has first and second inputs coupled to first and second terminals of the first resistor. A feedback amplifier has a first input coupled for receiving an output voltage of the power supply module, a second input coupled for receiving a reference signal, and an output coupled for providing a feedback signal to the power conversion circuit. A compensation resistor is coupled between an output of the current limit amplifier and the second input of the feedback amplifier for adjusting the reference signal to compensate for variation in output current of the power conversion circuit.