This work proposes an energy management system for a hybrid power plant comprising a wind power plant and battery energy storage system. The proposed optimizer determines power references while accounting for operational strategies, turbine structural loading, and battery degradation. It maximizes expected profit under varying wind conditions and electricity price signals, while explicitly capturing additional turbine loading associated with start-up and shutdown events. A case study demonstrates a significant increase in expected profit compared with a conventional revenue-maximizing strategy, while maintaining lower component loading and associated costs. A parametric study comparing different price signals illustrates the revenue–cost trade-off and demonstrates the response of the optimizer to different market conditions.