1. A method for managing power consumption among compute nodes having respective power components, said power components having a plurality of power utilization levels, said method comprising: after a setting of power utilization levels of the compute node power components to a minimum power utilization level, assigning the power utilization level of a first compute node power component to a level higher than the minimum power utilization level in response to a determination that the first compute node has been assigned to a user; determining whether an increase in the power consumption level of the compute nodes is detected; comparing the increase in power consumption level of the compute nodes with an allowable power budget for a compute node pool containing the compute nodes in response to the increase in the power consumption level of the compute nodes being determined; varying a power utilization level of the compute nodes in response to the comparison; determining whether a current power consumption level of the compute nodes falls below the allowable power budget for the compute node pool in response to varying the power utilization level to a lower utilization level; and determining whether an increase in the power utilization level of the first compute node power component will cause the power consumption level of the compute nodes to exceed the allowable power budget for the compute node pool in response to the current power consumption level falling below the allowable power budget.