In this paper, we present the power consumption savings obtained from the use of all-optical wavelength conversion technology in WDM optical networks, while providing deterministic protection against single link failures. Based on an ILP formulation, we obtain optimal network dimensions for the network using a static traffic matrix with uniform distribution of demands among nodes and data rates of 10 Gb/s and 40 Gb/s. We then use these dimensions to calculate the overall network power consumption, while considering dedicated and shared path protection. We compare the results using optical-electrical-optical (OEO) and all-optical (Semiconductor Optical Amplifier -SOA) wavelength conversion technology. Considering dedicated and shared backup path protection, we conclude that the latter provides significant reduction in the network power consumption through efficient utilization of network resources, while still providing 100% protection against single link failures. Finally, a breakdown of the power consumed by the different network elements is provided illustrating the main sources of energy consumption in the network.