While FPGAs provide flexibility for performing high performance DSP functions, they consume a significant amount of power. Often, a large portion of the dynamic power is wasted on unproductive signal glitches. Reducing glitching reduces dynamic energy consumption. In this study, retiming is used to reduce the unproductive energy wasted in signal glitches. Retiming can reduce energy by up to 92%. Evaluating energy consumption is an important part of energy reduction. In this work, an activity rate-based power estimation tool is introduced to provide FPGA architecture independent energy estimations at the gate level. This tool can accurately estimate power consumption to within 13% on average. This activation rate-based tool and retiming are combined in a single algorithm to reduce energy consumption of FPGA designs at the gate level. In this work, an energy evaluation metric called energy area delay is used to weigh the energy reduction and clock rate improvements gained from retiming against the area and latency costs. For a set of benchmark designs, the algorithm that combines retiming and the activation rate-based power estimator reduces power on average by 40% and improves clock rate by 54% for an average 1.1x area cost and a 1.5x latency increase.