This article provides a comprehensive study of the impact of performance optimizations on the energy efficiency of a real-world CFD application called MPDATA, as well as an insightful analysis of performance-energy interaction of these optimizations with the underlying hardware that represents the first generation of Intel Xeon Scalable processors. Considering the MPDATA iterative application as a use case, we explore the fundamentals of energy and performance analysis for a memory-bound application when exposed to a set of optimization steps that increase the application performance, by improving the operational intensity of code and utilizing resources more efficiently. It is shown that for memory-bound applications, optimizing toward high performance could be a powerful strategy for improving the energy efficiency as well. In fact, for the considered performance optimizations, the energy gain is correlated with the performance gain but with varying degrees. As a result, these optimizations allow improving both performance and energy consumption radically, up to about 10.9 and 8.8 times, respectively. The impact of the Intel AVX-512 SIMD extension on the energy consumption and performance is demonstrated. Also, we discover limitations on the usability of CPU frequency scaling as a tool for balancing energy savings with admissible performance losses.