In this paper, we present a probabilistic simulation technique to estimate the power consumption of a cmos circuit under a general delay model. This technique is based on the notion of tagged (probability) waveforms, which model the set of all possible events at the output of each circuit node. Tagged waveforms are obtained by partitioning the logic waveform space of a circuit node according to the initial and nal values of each logic waveform and compacting all logic waveforms in each partition by a single tagged waveform. From the tagged waveform, one can calculate the switching activity and hence the average power consumption of the circuit node. To improve the e ciency of tagged probabilistic simulation, only tagged waveforms at the circuit inputs are exactly computed. The tagged waveforms of the remaining nodes are computed using a compositional scheme that propagates the tagged waveforms from circuit inputs to circuit outputs. We obtain signi cant speed up over explicit simulati...