The present invention relates to a system and method for controlling a power plant in a marine vessel. The system comprises at least one switchboard further comprising, a plurality of power plant members including, power suppliers such as power generators and energy storage elements, at least one consumer, and a Dynamic Hybrid Control unit comprising a measurement means for monitoring predetermined power plant and vessel related parameters, and a computational means for computing and predicting power and energy requirements in the power plant for varying time spans into the future. The system utilizes said power and energy requirements for pre-planning and allocating of power and energy between said power plant members for minimizing transients, including voltage, frequency variations in the power plant and load variations on the power generators.