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Hydropower projects involve enormous investments that require an efficient cost–benefit framework and optimization model for proper development. Dams and hydropower plants have many impacts on the environment. These environmental impacts are often not included in the economic calculations and planning of the projects, which leads to the loss of natural resources. The primary purpose of this research is to incorporate environmental impacts into optimization and decision-making. A comprehensive simulation–optimization model is developed to optimize hydropower decisions. The positive and negative values of environmental impacts are incorporated into an economic objective function under different scenarios, and optimal design was done for each scenario. The results show that considering environmental economics affects the multipurpose hydropower project's NPV and decision outcomes. Considering environmental impacts compared to not considering them has reduced NPV of the project by 13.9%. The results emphasize the importance of including these impacts to achieve sustainable development and management.

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