For portable applications, long battery lifetime is the ultimate design goal. Therefore, the availability of battery and voltage converter models providing accurate estimates of battery lifetime is key for system-level low-power design frameworks. In this paper, we introduce a discrete-time model for the complete power supply subsystem that closely approximates the behavior of its circuit-level continuous-time counterpart. The model is abstract and efficient enough to enable event-driven simulation of digital systems described at a very high level of abstraction and that includes, among their components, also the power supply. The model gives the designer the possibility of estimating battery lifetime during system-level design exploration, as shown by the results we have collected on meaningful case studies. In addition, it is flexible and it can thus be employed for different battery chemistries.