Do you have a source to support that? Is it at 3.2 GHz?
All I find are estimates of about 80 W at 4 GHz and 1.2 V, like this one. They are all based on this ancient graph from the 2005 ISSC presentation of the 221 mm2 Cell prototype.
The 110W figure is from IBM, I first heard it at a conference a couple of years back.
but a more official source is here (pg 14):
http://www.power.org/resources/devcorner/cellcorner/hpcspe.pdf
It was originally estimated to run at 60W at 0.9v. The actual chip used 1.1v due to SRAM stability problems which, when solved at 65nm gave a big power usage drop.