A method of controlling power in a hybrid energy storage system that may include controlling power through the at least one battery storage element and the capacitor storage element using a multi-level power management system. In some embodiments, the multi-level power management system includes at least a long term battery management layer and a real time power management layer. The long term battery management layer can be for estimating and managing a life cycle for the battery. The real time power management layer can be for managing power sharing between the at least one battery storage element and the at least one capacitor storage element at each time instant dependent upon adjustments to battery performance based upon the long term battery management layer.