Amdahl's law. You can get the browser itself down to nothing and it's totally futile because as soon as you open a page Flash Player will still peg the CPU.
They did test playing videos through both Flash and HTML5, and found that power draw still varied significantly depending on browser, with IE drawing 30-40% less power than Chrome (after subtracting out at-desktop idle power). So there's definitely still low-hanging fruit for the browser itself.
The problem with Flash Player is that people create busy loops in ActionScript, especially in ads. You open a dozen tabs, one of them has one of these ads, your CPU is pegged. If you're worried about "browser power consumption" and your first step is not to shoot Flash Player in the head, you're doing it wrong.