A method, system, and software instructions for allocating power in a information handling system are operable to respond to a power profiling request by transitioning a processing resource to a first power consumption state and obtaining and storing a first power consumption value. The first power consumption value is then retrieved and used to allocate power to the first processing resource in response to a power on request. The first power consumption state may be a state in which power consumption approximates a maximum power consumption. The processing resource may be further transitioned to a second power consumption state and a second power consumption value obtained. The second power consumption state may be a reduced performance state. Thereafter, responsive to determining that the system lacks sufficient power budget to fulfill a pending request for power, the processing resource is throttled and power is allocated using the second power consumption value.