An apparatus includes an execute circuit configured to execute a plurality of operations received from a queue, as well as a power estimator circuit, and a power sensing circuit. The power estimator circuit is configured to predict power consumption due to execution of a particular operation of the plurality of operations, and to withdraw, based on the predicted power consumption, a first amount of power credits from a power credit pool. The power sensing circuit is configured to monitor one or more characteristics of a power supply node coupled to the execute circuit to generate a power value, and to deposit a second amount of power credits into the power credit pool. The second amount of power credits may be based on the power value indicating that power consumed during the execution of the particular operation is less than the predicted power consumption.