You probably already know that body mechanics also contribute to punching power, but here's an exercise that Shaman47 posted some time back that helped me.
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This is taken from "Bruce Lee's Fighting Method: Basic Training" by Bruce Lee and M. Uyehara
There are several training exercises that you can utilize to learn power punching. One of the best ways is to learn the use of your hips. To do this, tie a string to a piece of paper, about 8x11", and hang it from the ceiling to your chest height.
Using this thin paper as your target, stand about 7 to 10 inches away with both of your feet parallel to it. Keeping both loosely-clenched fists in front of your chest, elbows hanging freely at your sides, twist your body clockwise as far as it will go on the balls of your feet. Both knees must bend slightly for your body to twist fully. Now, your body should be facing to your right, 90 degrees from the target, with the weight shifting to your left foot. But your eyes must constantly be fixed on the target.
Pivot on the balls of your feet, with your hips initiating a sudden rotating motion. Your weight quickly shifts to your other foot as yourr shoulders automatically rotate after your hips. Simultaneously, as your body is rotating, raise your right elbow to your shoulder height just in time to apply an elbow strike to the proper target. The momentum should turn your body 180 degrees so it faces the opposite or left side. It is very important that your hips rotate slightly ahead of your shoulders, to obtain maximum power.
Repeat the same motion from the left side, striking with your left elbow. Once you have learned to control your body and begin to feel at ease in this exercise, you may use your fists.
Step back about 20 to 25 inches from the target. Keeping your exact body position, swing at the target with a straight punch. At this point, your body should be aligned properly, you should have good balance and your motion should be fluid, with your hips initiating the rotation. Your power in punches should have increased between 80 to 100 percent.
Gradually, to keep your body in balance especially after the completion of the swing, place your left foot forward and your right foot back (orthodox stance). From this position, twist your body clockwise until your shoulders are in a straight line with the target. Your front foot should be about 15 inches away. Now your weight leans heavily on your rear foot with both knees slightly bent. As the hips initiate the movement, you pivot on the balls of both feet, and your body is driven forward by the impetus from the rear foot. Your rear heel rises as your weight quickly shifts to the front foot with the delivery of the punch. At the completion of the action, your rear knee is practically straightened and your rear heel is almost completely raised. Your body should be facing the target. This motion is similar to a baseball player swinging his bat with all his might.
Your final step in punching for power is to reverse your footing and position yourself in the on-guard stance, with your right foot in front. With both of your knees slightly bent, rear heel raised, shift your weight just slightly to the rear foot for an instant. Your weight should be set for less than a second as you have to rotate your hips counterclockwise, and your weight switches to the front foot just before you throw a punch.
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Now remember all of this came from a book, so according to some people it will be useless to you, but I figured it would be better in his words than mine.
Shaman47
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I hope this helped some
Swordfish
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"I am a slow walker, but I will never walk backward"- Abraham Lincoln
