In a memory system having a storage controller and a plurality of distinct sets of non-volatile memory devices, each respective channel controller of a plurality of channel controllers, each channel controller corresponding to a distinct set of the plurality of distinct sets of non-volatile memory devices, determines a backlog of the respective channel controller in accordance with pending commands in one or more command queues, receives power credits allocated by the storage controller, based at least in part on the backlog of the respective channel controller, and while executing commands in the one or more command queues, limits execution of said commands in accordance with the received power credits. For example, limiting execution includes deferring execution of a respective command in accordance with a determination that executing the respective command would require power credits in excess of power credits available in the respective channel controller.