Will the power consumption increase if we raise fan speed?

I have seen people asking this query in magazines. I also wondered what will be the answer. But most of them are not convincible. They either said yes or no. But the right answer is yes and no.

After stopped bothering to find out the answer for years, a few months ago while I was travelling to college in the bus with friends, that question popped up in our casual conversation. One of my friend from CS dept said that the electric power consumption will always be constant despite of change in speed. And when asked the reason, he said it's because of internal and external resistance in the fan. I argued with him as the reason was confusing and unsatisfactory. My other friend Sathiyaseelan said, "அவன் படிப்பாளி டா... அதனால அவன் சொல்றத கேளு." So I had to be quite.

Later, after searching for a long time in the net I found...
When using conventional electric fan regulator, the resistors in it provides less resistance for high speed and more resistance for low speed of fan. Thus the power consumption is constant.

Whereas while using modern electronic fan regulators, depending on fan speed the power comsumption varies. If fan speed is raised the power consumption increases and the power consumption decreases if fan speed is lowered.

  Conventional fan regulator                      Electronic fan regulator