A method for managing power consumed by storage systems and other devices is disclosed herein. In certain embodiments, such a method may include initially monitoring conditions (such as data traffic conditions) on a communication link between a first device and a second device. The method may further include determining whether the conditions on the communication link warrant powering down or powering up the second device. In the event the conditions warrant powering down the second device, a power-down command may be generated and transmitted from the first device to the second device. In the event the conditions warrant powering up the second device, a power-up command may be generated and transmitted from the first device to the second device. In selected embodiments, the power-up and power-down commands are one of SCSI commands and FICON commands. A corresponding apparatus, system, and computer-usable medium are also disclosed and claimed herein.