In medium to large scale wind energy conversion systems (WECS), the control of the pitch angle of the blades is an usual method for power regulation above rated wind speed. However, limitations of the pitch actuator have a marked influence on the regulation performance. In variable-speed mode, the control of the generator torque is able to reduce the effects of the pitch actuator limitations. Nevertheless, in this case the system is multiple-input multiple-output (MIMO) and then the control design results more complex. In this situation advance control techniques, such as optimal control, are an interesting option for a systematic controller design. This work analyzes variable-pitch power regulation above rated wind speed in the context of optimal control. The analysis is approached from a new point of view in order to establish a clear connection between the choice of the optimization criteria and the compromise between power regulation and pitch actuator limitations.