A method for determining the power consumption, resulting from execution of a block of code, of an integrated circuit that includes a processor module and one or more other circuit modules. The method involves the steps of, first, providing a set of average current values for each of the modules, for a predetermined plurality of sets of conditions (fig.7) based on predetermined sets of signal line states associated with the module, for each instruction in the instruction set of the processor module, the sets of conditions being selected for dominant power consumption effect on the module. For each module, for each instruction in a block of code to be executed on the processor module, a set of signal line states is generated, associated with the module, for each processor cycle, in sequence. The generated set of signal line states are then tested for the set of conditions(128). One of the average current values is assigned for each condition so tested that is met. Finally, the running total of the average current values so met is accumulated for each such processor cycle(180). The average current values can be translated for different frequencies and supply voltages(112). Also, average current can be converted to average power consumption(118).