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"losing power" is correct and usable in written English.
It can be used when you want to indicate that something is weakening or diminishing in strength or influence. For example, "The company has been slowly losing power in the industry over the last five years."
Exact(54)
About losing power: "It's nothing.
He was never worried about losing power.
"The ANC is losing power.
First, the old media are losing power to the new.
But would Mr Mugabe ever accept losing power?
But losing power would also mean losing his business interests.
The only thing I know is he's losing power.
But Rafsanjani has been losing power gradually over the years.
Similar(3)
I'm losing... power... to control... my... anti-union... thoughts.
That decision, he said, would depend on whether money-losing power contracts could be renegotiated.
LOSING popularity in a democracy usually means losing power except, perhaps, in Russia.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com