A pipelined execution unit incorporates one or more low power modes that reduce power consumption by dynamically merging pipeline stages in an execution pipeline together with one another. In particular, the execution logic in successive pipeline stages in an execution pipeline may be dynamically merged together by setting one or more latches that are intermediate to such pipeline stages to a transparent state such that the output of the pipeline stage preceding such latches is passed to the subsequent pipeline stage during the same clock cycle so that both such pipeline stages effectively perform steps for the same instruction during each clock cycle. Then, with the selected pipeline stages merged, the power consumption of the execution pipeline can be reduced (e.g., by reducing the clock frequency and/or operating voltage of the execution pipeline), often with minimal adverse impact on performance.