OK, I re-did measurements with the same hard loop in shell. I used scaling_max_freq to limit to frequency to 250MHz and verified each time via scaling_cur_freq and cpuinfo_cur_freq. For more accurate measurement I switched phone to offline and delayed measurement via "sleep 10" after I locked phone. In 600MHz I got battery current = 1000mA (approx) VDD1 = 5 (1.350V) VDD2 = 3 (1.200V) In 250MHz I got battery current = 400mA (pretty close) VDD1 = 2 (1.075V) VDD2 = 2 (1.075V)
So, in accordance with your formula (V^2 * F) voltage increase should increase energy consumption by 1.58 but a real energy consumption increase is 6.25 due to (1000mA/400mA)^2, formula: W = I^2 * R.