A technique for performing storage power management on storage subsystems includes measuring, using a power measurement device, power consumption of a storage subsystem. A first average power and a second average power for the storage subsystem are calculated based on the measured power consumption. In this case, the first average power is calculated over a shorter time period than the second average power. One or more first actuators are incremented in response to the first average power of the storage subsystem being greater than a first power level to reduce the first average power of the storage subsystem below the first power level within a first time period. One or more second actuators are incremented in response to the second average power of the storage subsystem being greater than a second power level and less than the first power level to reduce the second average power of the storage subsystem below the second power level within a second time period that is greater than the first time period. Finally, one or more of the first actuators and the second actuators are decremented in response to the second average power of the storage subsystem being more than an offset below the second power level to increase the power consumption of the storage subsystem.