A method is performed in a power sourcing device (PSD). The method includes, for each of a plurality of powered devices (PDs) configured to time-varyingly draw power from the PSD, (a) receiving a set of power requirements for that PD, (b) assigning a set of amounts of power to be allocated to that PD, each assigned amount respectively indicating an assigned power allocation to that PD at a different time slot, and (c) during each time slot, providing an amount of power to that PD in accordance with the assigned amount. The set of power requirements includes (1) a plurality of different amounts of power to be drawn by the PD, each different amount of power being associated with an operational mode in which the PD can operate and (2) a policy indicating which operational mode the PD should operate in at different times.