A system for generating a power consumption model of at least one server includes one or more computers configured to obtain n time series telemetry signals indicative of operating parameters of the at least one server, obtain a time series power signal indicative of power consumed by the at least one server, and correlate each of the n time series telemetry signals with the time series power signal. The one or more computers are further configured to select a set of the n time series telemetry signals having an overall correlation with the time series power signal greater than a predetermined threshold, and generate a power consumption model of the at least one server based on at least the set of the n time series telemetry signals.