Controlling an energy storage system includes providing one or more constraints to an optimization problem algorithm, determining by the optimization problem algorithm a DC bus voltage value that results in an minimum total power dissipation for the plurality of power converters, calculating a respective control variable for each of the respective plurality of power converters based on the determined DC bus voltage value, and generating control processor executable instructions to implement control of each of the plurality of power converters to achieve the calculated respective control variable. A system for implementing the method and a non-transitory computer-readable medium are also disclosed.