In a Coordinated Multi-point (CoMP) system, the base station (BS) in each serving cell (or sector) is allowed to use not only its own antennas, but also the antennas of neighboring BSs to transmit to mobile terminals in the serving cell to form a floating CoMP cell. The serving BS in each floating CoMP cell computes tentative linear precoding weights for transmissions from the coordinating BSs in the floating CoMP cell to users in the serving cell of the floating CoMP cell. The serving BS determines the power availability for transmit antennas in the floating CoMP cell that are shared with other floating CoMP cells, and scales the tentative precoding weights based on the power availability of the shared transmit antennas to determine final precoding weights so that the power constraints of the shared transmit antennas will not be violated.