A storage module and method are provided for optimized power utilization. In one embodiment, a storage module is provided comprising a storage controller and a plurality of memory dies in communication with the storage controller. The storage controller determines if sufficient power is available to perform an operation on one of the memory dies. In response to determining that sufficient power is not available to perform the operation on one of the memory dies, the storage controller determines if suspending an in-progress operation on another one of the memory dies would provide enough power to perform the operation. In response to determining that suspending the in-progress operation would provide enough power to perform the operation, the storage controller suspends the in-progress operation and performs the operation. Instead of suspending an in-progress operation, the storage controller can instead use a reduced power version of the operation or the in-progress operation.