A mechanism for controlling instruction fetch and dispatch thread priority settings in a thread switch control register for reducing the occurrence of balance flushes and dispatch flushes for increased power performance of a simultaneous multi-threading data processing system. To achieve a target power efficiency mode of a processor, the illustrative embodiments receive an instruction or command from a higher-level system control to set a current power consumption of the processor. The illustrative embodiments determine a target power efficiency mode for the processor. Once the target power mode is determined, the illustrative embodiments update thread priority settings in a thread switch control register for an executing thread to control balance flush speculation and dispatch flush speculation to achieve the target power efficiency mode.