An AC power source is coupled to a step-up transformer that provides a rectified DC output voltage to charge an intermediate capacitor. A high voltage electronic switch is turned ON and OFF by a control signal to couple and decouple the intermediate capacitor to the input of an inductor that supplies current to a capacitor bank. A switching regulator controller generates a control signal to vary the turn ON and OFF times of the electronic switch to generate a controlled current through the inductor while the voltage across the capacitor bank varies over a positive and negative voltage range during charging and discharging of the capacitor bank. The controlled current through the inductor is maintained while the capacitor bank is discharged. The value of the controlled current may be constant or varied in response to input and output voltage and current parameters.

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