This paper presents the rules of management of an energy conversion system in a small hydropower plant (SHP). The SHP contains two permanent magnet (PM) generators which can work at a variable speed. In the article the way of obtaining the optimal work characteristic curve is described. To achieve the best efficiency the special methodology of units cooperation is also presented. The theoretic analysis is algorithmizated, implemented and tested in the real object of 150 kW electrical power. The measurement results of this object are presented.