Methods, apparatus, and products as disclosed for estimating power consumption of computing components configured in a computing system that include: selecting, by a power estimation module, a plurality of calibration datasets from a calibration dataset repository, each calibration dataset specifying calibration power consumption by one or more computing components in the computing system for a calibration workload at a plurality of calibration operating points; measuring, by the power estimation module, a current power consumption by one or more measured computing components in the computing system for a current workload at a current operating point; determining, by the power estimation module, an estimated power consumption for the measured computing components at a proposed operating point in dependence upon the selected calibration datasets and the current power consumption for the current workload at the current operating point; and administering the computing system in dependence upon the estimated power consumption.