Power consumption of video streaming systems has become a major concern, especially in battery-powered devices, such as video sensors. Power is usually dissipated in each one of the major phases of the streaming process: capturing, encoding, and transmission. This paper develops models for power consumption in each of these phases and validates them with extensive experiments, focusing primarily on H.264 video encoding. For comparative purposes, we also study MJPEG and MPEG-4 video codecs. In addition, we analyze the impacts of the main H.264 video compression parameters on power consumption and bitrate. These parameters include quantization parameter, number of reference frames, motion estimation (ME) range, and ME algorithm.