Systems and methods are disclosed for limiting power consumption of a non-volatile memory (NVM) using a power limiting scheme that distributes a number of concurrent NVM operations over time. This provides a “current consumption cap” that fixes an upper limit of current consumption for the NVM, thereby eliminating peak power events. In one embodiment, power consumption of a NVM can be limited by receiving data suitable for use as a factor in adjusting a current threshold from at least one of a plurality of system sources. The current threshold can be less than a peak current capable of being consumed by the NVM and can be adjusted based on the received data. A power limiting scheme can be used that limits the number of concurrent NVM operations performed so that a cumulative current consumption of the NVM does not exceed the adjusted current threshold.