A distributed power management computer program product is configured to collect power consumption data that indicates power consumption by at least a plurality of the components of a node. The program code can be configured to provide, to each of a plurality of controllers associated with a respective one of the plurality of components, the power consumption data. The program code can be configured to determine a node power consumption. The program code can be configured to determine a power differential as a difference between the node power consumption and an upper power consumption threshold of the node. The program code can be configured to determine a proportion of the node power consumption consumed by a first component. The program code can be configured to compute a local power budget for the first component.