Optimization studies of an energy production project or complex consist in determining the economic general dimensioning of the works during the prefeasibility or the feasibility stage of the studies. As these first studies are part of the iterative system planning process, they should include very exhaustive sensitivity analyses on the accuracy of all technical and economic parameters, although (and even because) so much data is uncertain during this phase.After a review of the mathematics of discounting and of the decision-making economic criteria, a nomographic approach is presented that allows the optimum dimensions of the project to be determined as a function of any combination of the following parameters: imposed discount rate, total investment cost, variations in cash flow pattern, delay in commissioning date, life expectancy of the works, monetary value of energy and power, system load growth, seasonal pattern of energy demand, effect of secondary energy, long-term average river flow, and effect of regulation on downstream developments.