A method for energy consumption monitoring in an ICT environment, wherein the ICT environment (1) includes a multitude of energy consuming components (2, 3), at least partly the components (2, 3) being instrumented with elements for energy consumption monitoring and/or having assigned specific energy consumption models that derive one or more energy metrics for the respective component (2, 3) from the component's (2, 3) current performance metrics, is characterized in the steps of ascertaining changes of and/or related to the ICT environment (1) via an energy consumption monitoring controller (7), performing an assessment of available energy consumption monitoring techniques both instrumentation-based and model-based, based on the result of the assessment selecting one or more energy consumption monitoring techniques that best satisfy the change of the ICT environment (1) according to predefined policies. Furthermore, a corresponding monitoring system is described.