A heterogeneous processing system includes a compiler for performing power-constrained code generation and scheduling of work in the heterogeneous processing system. The compiler produces source code that is executable by a computer. The compiler performs a method. The method includes dividing a power budget for the heterogeneous processing system into a discrete number of power tokens. Each of the power tokens has an equal value of units of power. The method also includes determining a power requirement for executing a code segment on a processing element of the heterogeneous processing system. The determining is based on characteristics of the processing element and the code segment. The method further includes allocating, to the processing element at runtime, at least one of the power tokens to satisfy the power requirement.