Models for energy consumption
Speed scaling is one of the most used model (recently) when considering energy consumption.
It consists in modifying the supply voltage. By lowering supply voltage, or processor clock frequency, it is possible to
achieve important reductions in power consumption;
faster speeds allow for a faster execution, but they also lead to a
much higher (supra-linear) power consumption.
More precisely, a processor running at speed $s$ dissipates
$s^3$ watts per unit of time, hence it consumes $s^3 \times d$ joules when operated during $d$ units of time.
However speed scaling is not the only energy considered. It is what is called the dynamic energy. The static energy is the power that is due to the processor being 'on'. It is possible to get rid of this static power by shutting down the processor during idle time. However it has a cost. There has been a lot of work done on this subject which is very close to the ski rental problem.
Usually the energy consumption is the sum of the static and dynamic power consumption times the execution time. However, most paper focus on either one of these problems.
Introducing faults in this model
I think this is the most surprising part of the speed-scaling model. Usually one would think that the faster you execute a task, the more likely you are to fail the execution. On the contrary, it was shown that reducing the speed of a processor increases the number of transient fault rates of the system; the probability of failures increases exponentially, and this probability cannot be neglected in large-scale computing.
Intuitively, there is the fact that the more time you spend on a task the more chances you have to fail during the execution of that task. However there is more than that: Shatz and Wang in this, stated that the fault-model followed a Poisson distribution. The parameter $\lambda$ of the Poisson distribution is then:\
$$
\lambda(f)=\lambda_0 e^{d\frac{fmax-f}{fmax-fmin}},
$$
where $f$ is the processing speed comprised in $[fmin,fmax]$, and $\lambda_0$ and $d$ are constant dependent on the systyem.
If you consider a task of weight $w$, executed at speed $f$, the reliability of the execution for that task is $R(f)=e^{-\lambda(f)\times\frac{w}{f}}$.
This is self reference so I do not know if it is appreciated here, however if you are interested, you can find more information in this paper on the dynamic part of the energy consumption.