In a washing machine, a power management apparatus and a method of controlling the same, washing operation and drying operation commands are input by a user, power rate information for each time period is received from an EMS, a drying operation execution time is confirmed, and power rates corresponding to the drying operation execution time are determined based on the power rate information for each time period. Then, the power rates corresponding to the drying operation execution time are compared with the standard power rates to determine whether the power rates corresponding to the drying operation execution time are higher than the standard power rates, and an algorithm of a final spinning mode in the washing operation is adjusted if the power rates corresponding to the drying operation execution time are higher than the standard power rates.