A bearing arrangement includes a bearing having an inner race and an outer race and a plurality of rolling elements arranged between the inner and outer race such that the first race is rotatable relative the second race; bearing lubricant arranged within the bearing to lubricate the rolling elements. The bearing arrangement provides a first electrically conductive portion and a second electrically conductive portion, the first and second electrically conductive portion being electrically insulated and arranged such that at least a portion of the bearing lubricant is located between the first and second electrically conductive portion; and a capacitance meter having a first electrode connected to the first electrically conductive portion and a second electrode connected to the second electrically conductive portion, configured to measure a capacitance between the first ring and the second ring to determine a water content in the lubricant based on the measured capacitance.