I could have sworn I read somewhere that Activity Monitor also included GPU usage in its measurements—naturally, using the GPU more uses more power/battery.
https://blog.mozilla.org/nnethercote/2015/08/26/what-does-th...
In the data I posted, which is from /usr/share/pmenergy/default.plist, kgpu_time is 0.0, but in all the other plists it's nonzero.
But unnecessary animations (like blinking text cursors) cause the entire graphics hardware stack to wake up all the way to the display, which is a serious power cost.
I'd guess it wouldn't be hard to keep two frames in memory, so you could get one blink at a time.