Yes. Power comes from two components: "static" power and "dynamic" power. Static power is power consumed due to transistors not turning off completely, so there's always a little bit of current leaking. Static power doesn't really change unless you reduce the voltage. Dynamic power comes from two sources, both related to signals switching. The highest power consumption occurs when blocks are active.
Take a look at
http://www.amd.com/us-en/assets/content_type/DigitalMedia/die_marked_E.jpg
Even at "100% usage", power consumption varies. For example, if you were running the code
..the only block with much switching would be the box labelled "fetch scan align microcode".
If your workload were more like
loop: a = b + c
d = e + f
g = h + i
goto loop
then the box labelled "execution units" would be burning quite a bit of power, but load/store and the floating point unit would have almost no switching going on. Even though the CPU is "100% busy", the power is pretty far below the maximum.
The highest power occurs when you have the most power-hungry units switching as much as possible; programs like
http://pages.sbcglobal.net/redelm/ attempt to do just that. If you're interested in seeing how "100% load" can produce different temperatures, look at your CPU temperature while running burnk7 and compare them to temperatures while running something like seti@home or folding@home.