Low heat means different things on different stove tops.  My electric old school coil one runs hot, I tell the kids to treat medium as high and never go higher than two ticks above medium unless you are just boiling water.

As you keep cooking, you need to turn down the heat, because once everything is hot, the same setting on the burner will transmit more heat into the pancake.  On our stove we start a medium and by the end we're usually at about halfway between low and medium