1. A method comprising: monitoring power consumptions of a plurality of virtual machines on a host server; measuring peak power draws by the plurality of virtual machines on the host server; determining whether an individual virtual machine has exceeded a corresponding virtual machine power budget of the individual virtual machine; and in an instance when the individual virtual machine has exceeded the corresponding virtual machine power budget: determining whether a host server power budget of the host server has been exceeded; and responsive to a determination that the host server power budget has been exceeded, reducing a power consumption of the individual virtual machine by reducing an amount of processor time allocated to the individual virtual machine.