The aim of power management policies is to reduce the amount of energy consumed by computer systems while maintaining satisfactory level of performance. One common method for saving energy is to simply suspend the system during the idle times. No energy is consumed in the suspend mode. However, the process of waking up the system itself requires a certain fixed amount of energy, and thus suspending the system is beneficial only if the idle time is long enough to compensate for this additional energy expenditure. In the specific problem studied in the paper, we have a set of jobs with release times and deadlines that need to be executed on a single processor. Preemptions are allowed. The processor requires energy L to be woken up and, when it is on, it uses one unit of energy per one unit of time. It has been an open problem whether a schedule minimizing the overall energy consumption can be computed in polynomial time. We solve this problem in positive, by providing an O(n^5)-time algorithm. In addition we provide an O(n^4)-time algorithm for computing the minimum energy schedule when all jobs have unit length.