In this paper, we present a novel power allocation scheme for multicarrier cognitive radio networks. The proposed scheme performs subchannel power allocation by incorporating primary users activity in adjacent cells. Therefore, we first define the aggregated subchannel activity index (ASAI) as an average indicator which characterizes the collective networkwide primary users' communication activity level. The optimal transmit power allocation is then obtained with the objective of maximizing a total utility function at the secondary base station (SBS), subject to the maximum SBS transmit power, and collision probability constraint at the primary receivers. Utilizing ASAI, we further obtain an energy efficient power allocation for the secondary system. Optimal energy efficiency (EE) and spectral efficiency (SE) are contradicting objectives, and thus, there is a tradeoff between these two performance metrics. We also propose a design approach to handle this tradeoff as a function of the ASAI, which provides quantitative insights into efficient system design. In addition to a lower signaling overhead, the simulation results confirm that the proposed scheme achieves a significantly higher achievable rate. Simulation results further indicate that using ASAI enables obtaining an optimal operating point based on the tradeoff between EE and SE. The optimal operating point can be further adjusted by relaxing/restricting the sensing parameters depending on the system requirements.