A method and computer-usable medium including instructions for performing a method of managing power consumption in a multicore processor comprising a plurality of processor elements with at least one power saving mode. The method includes listing, using at least one distribution queue, a portion of the executable transactions in order of eligibility for execution. A plurality of executable transaction schedulers are provided. The executable transaction schedulers are linked together to provide a multilevel scheduler. The most eligible executable transaction is output from the multilevel scheduler to the at least one distribution queue. One or more of the plurality of processor elements are placed into a first power saving mode when a number of executable transactions allocated to the plurality of processor elements is such that only a portion of available processor elements are used to execute executable transactions.