It's not related to the math inside of the VFd as much as you think, it's related to the load. You don't say what type of pump it is. If it is centrifugal, the power consumption by the PUMP will follow the Afinity Law stating that power varies by the cube of the speed change. So if the pump is running at 1/2 speed, it will require 1/8th the power it needed at full speed.
If it is a positive displacement pump, expect the power to vary directly with speed, so at 1/2 speed, it will require 1/2 power.
The only othe power consumption issue will be the conversion efficiency of the VFD and the motor efficiency, both of which will drop slightly with speed. Expect the VFD to be 97% eff at full speed, maybe 90% worst case below 50% speed (but remember, the power has dropped too, so it's a higher loss percentage of a lower value). The motor efficiency is all about the motor specs, but expect that to drop similarly.
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