Distributed power budgeting

A method comprising:ncollecting, from each of a plurality of controllers of a node having a plurality of components, component power consumption for a first time period, wherein each of the plurality of controllers is associated with a respective one of the plurality of components;providing, to each of the plurality of controllers, the component power consumptions for the first time period;for each of the plurality of components,ndetermining a node power consumption for the first time period for the node based, at least in part, on the component power consumptions;determining a power differential for the first time period as a difference between the node power consumption and a power cap for the plurality of components;determining a proportion of the node power consumption consumed by the component during the first time period based on the component power consumption of the component; andcomputing, by a respective controller for the component, a local power budget for the component for consumption during a second time period based, at least in part, on the power differential and the proportion of the node power consumption consumed by the component during the first time period,wherein said computing the local power budget for the component based, at least in part, on the local proportion of the total power consumption comprises, in response to an overconsumption of power represented by the power differential, reducing the local power budget from a current local power budget based on the proportion of the node power consumption consumed by the component and the overconsumption of power represented by the power differential, andwherein said computing the local power budget for the component based, at least in part, on the local proportion of the total power consumption comprises, in response to an under-consumption of power represented by the power differential, increasing the local power budget from a current local power budget based on the local proportion and the under-consumption of power represented by the power differential.