Without actually testing, I am reluctant to say with absolute certainty, but I won't let that stop me -- I will just make a list of assumptions :-)
Assuming stacked exposures of the same total time as the single bulb exposure, that your are not using dark frame noise reduction, that sensor power efficiency does not get significantly worse as it heats up and that your camera does not violate the laws of physics, it is going to take (ever so slightly) more energy to perform multiple exposures, just because you have to move the mirror/shutter and the processor will have to work a little harder processing multiple images.
Of course there are plenty of other advantages to stacking, but I do not think power savings is one of them.