A method for operating a power generating asset, the power generating asset having an energy storage device operably coupled to a component of the power generating asset, the method comprising: Initiating, with a controller, a state-change event for the energy storage device, the state-change event defining a plurality of sampling intervals; Determining, via the controller, a change in a first electrical condition and a second electrical condition of the energy storage device at each of the plurality of sampling intervals of the state-change event; Determining, via the controller, an actual equivalent series resistance function for the energy storage device based on the change in the first and second electrical conditions at each of the plurality of sampling intervals of the state-change event; Determining, via the controller, a state-of-health rating for the energy storage device based on the actual ESR function of the energy storage device; and implementing a control action based on the state-of-health rating; and wherein determining the state-of-health rating for the energy storage device further comprises: modeling, via the controller, a nominal ESR function for the energy storage device at an ambient temperature, wherein the nominal ESR function corresponds to a maximal state-of-health rating at the ambient temperature; modeling, via the controller, at least one potential ESR function for the energy storage device at the ambient temperature, the at least one potential ESR function indicating an increased ESR value relative to a nominal ESR value as a function of the second electrical condition, the at least one potential ESR function corresponding to a reduced state-of-health rating at the ambient temperature; and consolidating, via the controller, the nominal ESR function and the at least one potential ESR function into at least one of a look-up table, a graphical representation, and an algorithm so as to establish a correlation between the actual ESR function and the state-of-health rating for the energy storage device at the ambient temperature as a function of the second electrical condition of the energy storage device. Initiating, with a controller, a state-change event for the energy storage device, the state-change event defining a plurality of sampling intervals; Determining, via the controller, a change in a first electrical condition and a second electrical condition of the energy storage device at each of the plurality of sampling intervals of the state-change event; Determining, via the controller, an actual equivalent series resistance function for the energy storage device based on the change in the first and second electrical conditions at each of the plurality of sampling intervals of the state-change event; Determining, via the controller, a state-of-health rating for the energy storage device based on the actual ESR function of the energy storage device; and implementing a control action based on the state-of-health rating; and wherein determining the state-of-health rating for the energy storage device further comprises: modeling, via the controller, a nominal ESR function for the energy storage device at an ambient temperature, wherein the nominal ESR function corresponds to a maximal state-of-health rating at the ambient temperature; modeling, via the controller, at least one potential ESR function for the energy storage device at the ambient temperature, the at least one potential ESR function indicating an increased ESR value relative to a nominal ESR value as a function of the second electrical condition, the at least one potential ESR function corresponding to a reduced state-of-health rating at the ambient temperature; and consolidating, via the controller, the nominal ESR function and the at least one potential ESR function into at least one of a look-up table, a graphical representation, and an algorithm so as to establish a correlation between the actual ESR function and the state-of-health rating for the energy storage device at the ambient temperature as a function of the second electrical condition of the energy storage device. modeling, via the controller, a nominal ESR function for the energy storage device at an ambient temperature, wherein the nominal ESR function corresponds to a maximal state-of-health rating at the ambient temperature; modeling, via the controller, at least one potential ESR function for the energy storage device at the ambient temperature, the at least one potential ESR function indicating an increased ESR value relative to a nominal ESR value as a function of the second electrical condition, the at least one potential ESR function corresponding to a reduced state-of-health rating at the ambient temperature; and consolidating, via the controller, the nominal ESR function and the at least one potential ESR function into at least one of a look-up table, a graphical representation, and an algorithm so as to establish a correlation between the actual ESR function and the state-of-health rating for the energy storage device at the ambient temperature as a function of the second electrical condition of the energy storage device.