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Modern supercomputing systems have witnessed a phenomenal growth in the recent history owing to the advent of multi-core architectures and high speed networks. However, the operational and maintenance costs of these systems have also grown rapidly. Several concepts such as Dynamic Voltage and Frequency Scaling (DVFS) and CPU Throttling have been proposed to conserve the power consumed by the compute nodes during idle periods. However, it is necessary to design software stacks in a power-aware manner to minimize the amount of power drawn by the system during the execution of applications. It is also critical to minimize the performance overheads associated with power-aware algorithms, as the benefits of saving power could be lost if the application runs for a longer time. Modern multi-core architectures such as the Intel "Nehalem" allow for DVFS and CPU throttling operations to be performed with little overheads. In this paper, we explore how these features can be leveraged to design algorithms to deliver fine-grained power savings during the communication phases of parallel applications. We also propose a theoretical model to analyze the power consumption characteristics of communication operations. We use microbenchmarks and application benchmarks such as NAS and CPMD to measure the performance of our proposed algorithms and to demonstrate the potential for saving power with 32 and 64 processes. We observe about 8% improvement in the overall energy consumed by these applications with little performance overheads.