Does the GTX 980 really consume 165 W of power?

Probably.
I understand that it will need two 6 pin pcie connectors.
If so, you can count on 75w from the pcie slot and 75w from the first 6 pin connector giving a minimum of 150w.
The second 6 pin connector@75w gives a max of 225w.
So yes, 165w may well be correct.
 
NO ONE KNOWS ANYTHING ABOUT THE 900 series yet.......Everyone asking questions are not getting accurate answers because they havent been released yet and nor has any of their actual specs at this point. So asking specifics about something that hasnt come out yet is a little on the useless side because no one knows the answers. I wish we did but truth is no one knows.