Modern production systems are moving away from the rigid and pre-planned approaches of traditional manufacturing with the incorporation of Industry 4.0 (I4.0), aiming instead for a high degree of flexibility that allows these production systems to adapt swiftly to time-varying application requirements. 5G communication system parameters, such as Time Division Duplexing (TDD), channel bandwidth, TX power, etc., can be reconfigured to achieve this flexibility. Nevertheless, this study focuses on TX power reconfiguration, which plays a critical role in coverage optimization and interference management, building upon our prior work that explored the reconfiguration of other parameters. Thus, this paper proposes a flexible and dynamic transmit (TX) power reconfiguration method tailored for private 5 G networks to address these challenges. In this context, the application can be any software component that controls the manufacturing processes. In this study, an Asset Administration Shell (AAS) based approach models the 5 G wireless data communication network as an asset. A state-of-the-art 5 G channel model (CM) is integrated with this AAS for dynamic TX power reconfiguration calculations. A comprehensive analysis of these calculations is presented. Furthermore, it is shown that the proposed method satisfies the time-varying application requirements while minimizing the energy consumption.