Shared resource contention has been a major performance issue for CMPs. In this paper, we tackle the power contention problem in power constrained CMPs by considering and treating power as a first-class shared resource. Power contention occurs when multiple processes compete for power, and leads to degraded system performance. In order to solve this problem, we develop a shared resource contention-aware scheduling algorithm that mitigates the contention for power and the shared memory subsystem at the same time. The proposed scheduler improves system performance by balancing the shared resource usage among scheduling groups. Evaluation results across a variety of multiprogrammed workloads show performance improvements over a state-of-the-art scheduling policy which only considers memory subsystem contention.