The upcoming 5G networks are characterized by ultra dense deployments of small cells. These structures are capable of providing the much desired increase in capacity and data rates. The limited resources though present challenges on how they will be shared among the high number of base stations. Distributed coordination will play a big part in resource allocation. In this paper, we present a power control mechanism for dense femtocell deployments which utilizes sleep mode strategies and spectrum sharing among users. The mechanism exhibits increased throughput for the femtocell subscribers, preserving non-subscribers performance and increasing the network’s energy efficiency.