The multi-frequency Global Navigation Satellite Systems (GNSS) receivers will greatly enhance the performance of satellite navigation. However, the capability of receiving signals from multiple frequencies will increase the receiver power consumption. This constitutes a particular challenge in a massmarket receiver that depends on a battery as the power source. To achieve the power reduction, a part of the multi-frequency frontend can be powered down for a fraction of time in a continuous manner, so that the baseband can keep tracking of all the present signals. This method could potentially reduce the average power while still tracking continuously. However, the feasibility of such architecture, the choice of power on/off time duration for each signal, and the impact of this power reduction method on the code tracking performance have not been studied yet. Here, we analyze the effect of power on/off time on an overlay multi-frequency receiver in terms of Signal to Noise Ratio (SNR), Carrier to Noise density Ratio (C/N 0 ), and code tracking error variance. Simulation results are presented for triple-band Galileo signal receivers.