The choice of the control algorithms for power management of SHV is known to be critical for its fuel consumption. This paper restates the problem as a general optimization issue, deriving optimal conditions for a one-step charge equalization approach and a sub-optimal but efficient reciding-horizon extension of the same. The proposed controller allows substantial fuel consumption reductions, a systematic determination of the involved energy levels and includes an easy tuning knob to fix swing amplitude and frequency of engine state transitions. Simulations with actual cycle data and vehicle parameters allow to confirm the fuel economy advantages and the state-of-charge correctness of the proposed approach.