Embodiments include collecting, from each of a plurality of controllers of a node having a plurality of components, component power consumption. Each of the plurality of controllers is associated with one or more of the components. The component power consumptions are provided to the controllers. A node power consumption for the node is determined based, at least in part, on the component power consumption. The power cap is determined for the plurality of components. A power differential power is determined as a difference between the node power consumption and the power cap for the plurality of components. A proportion of the node power consumption consumed by the component is determined based on the component power consumption of the component. A local power budget is computed for the component based, at least in part, on the power differential and the proportion of the node power consumption consumed by the component.