In recent times, much attention has been paid to small hydropower plants (SHPs) with variable speed operation and different control techniques. Control complexity in SHPs is mainly caused by specific steady-state features of the water turbine, the long time constants of the hydraulic system and significant seasonal and/or aging-related deterioration in the system performance. This paper presents the most important features of the turbine model from a control point of view. It classifies control techniques for SHPs with variable speed operation in terms of the turbine type and SHP function (run-of-the-river and reservoir). Furthermore, various control methods are analysed taking into account the complexity of the method, dynamics, adaptability and applicability. The novelty of this study is the proposal of a simple, universal analytical formula, which, based on the basic dimensions of the turbine, determines the optimal operating curve. The proposed formula is verified on a real SHP 150 kW by comparison with measurements in the form of operational characteristics. The analysis of the annual energy production confirms the effectiveness of the approximation precision, yielding only 1% production losses, and shows an advantage of variable speed over constant speed in annual energy production of 16%.