Cell-free massive MIMO promises uniformly high performance by combining densely distributed radio units, coherent transmission, and centralized processing. Unlike earlier radio generations, it depends on dense fronthaul connectivity and a virtualized cloud-RAN architecture. In this setting, energy use is no longer driven primarily by active radio components; instead, fronthaul and processing play a dominant role, calling for a fresh perspective on what defines energy efficiency. This work introduces a modular power model that captures the interplay between radios, fronthaul, and cloud processing. The analysis highlights how design choices, such as functional splits and precoding strategies, shape both fronthaul data load and total power consumption. Centralized precoding provides stronger performance with less resource utilization, while flexible activation of radios and processing elements avoids unnecessary overhead. Overall, the energy efficiency of cell-free massive MIMO grows as antennas are more densely distributed across the coverage area, particularly when combined with end-to-end resource allocation.