1. A method of managing power consumption in a multicore processor comprising a plurality of processor elements with at least one power saving mode, said method comprising: listing, using at least one distribution queue, a portion of said executable transactions in order of eligibility for execution; providing a plurality of executable transaction schedulers, wherein each executable transaction scheduler comprises a scheduling process for determining a most eligible executable transaction for execution from at least one candidate executable transaction ready for execution; linking said executable transaction schedulers together to provide a multilevel scheduler; outputting said most eligible executable transaction from said multilevel scheduler to said at least one distribution queue; and placing one or more of said plurality of processor elements into a first power saving mode when a number of executable transactions allocated to said plurality of processor elements is such that only a portion of available processor elements are used to execute executable transactions.