Juan,
I'm going out on a limb here but in my humble opinion the converter and/or transformer are NOT wire wound inductive/resistive devices; but rather they are SCR's (simplistically, a type of chip). In a wire wound device the voltage is actually choked down by a percentage by adding a resistance into the circuit. If you look at an AC sine wave you would see the wave's peaks and troughs both diminish in amplitude towards the x axis (being 0 voltage). In an SCR or other type of electronic device the chip triggers an "off" signal for a fraction of the sine wave - it ends up looking like a sawtooth rather than a smooth curve. The longer the "off" period is the less total amount of current will flow over a given period of time - which averages out to a dimming effect in the circuit. As you can imagine an incandescent lamp has a filament that takes a short period of time to reach full potential (i.e. warms up to fully hot brightness). If one "starts and stops" the flow of electricity the filament never really has a chance to reach full brightness. Your meter on the other hand can read and average out, the amount of electricity flowing because, simplistically, it doesn't need to "warm up".
That is a very, very simplistic overview but it may be essentially correct. In light of this I might suggest a clockwork timer (i.e. a watch) to check that the timer's intervals are not affected by this and also see if you need to bump up the wattage of your enlarger lamp or use a longer exposure time. The safelight can be moved a tad closer to your working surface if need be - just make sure to do a fog test on a scrap of photographic paper.
The pedant in me also would say that if you are going to use a colourhead or filters for V.C. papers or use colour chemistry, there may be a slight colour temperature shift in the lamp that may or may not affect your print.
Hope this is not too dense for you,
cheers for now and best of luck!
Sam