In this paper, we consider the system-wide energy management problem for a set of periodic real-time tasks running on a DVS-enabled processor. Our solution uses a generalized power model, in which frequency-dependent and frequency-independent power components are explicitly considered. Further, variations in power dissipations and on-chip/off-chip access patterns of different tasks are encoded in the problem formulation. Using this generalized power model, we show that it is possible to obtain analytically the task-level energyefficient speed below which DVS starts to affect overall energy consumption negatively. Then, we formulate the system-wide energy management problem as a non-linear optimization problem and provide a polynomial-time solution. We also provide a dynamic slack reclaiming extension which considers the effects of slow-down on the system-wide energy consumption. Our experimental evaluation shows that the optimal solution provides significant (up to 50%) gains over the previous solutions that focused on dynamic CPUpower at the expense of ignoring other power components.