There are actually a few ways to do this depending on whether the real world control will be based on flow or pressure. If it is controlled by flow, then use a TCV with Coefficient Type set to Valve Charcteristic Curve and control the Relative Closure. If it is pressure controlled, then identify the pressure you want to optimally run the turbine and put a pressure sustaining valve (PSV) at the start of the bypass. When the pressure exceeds the pressure you want, the bypass will open. If the upstream head is a fixed reservoir, this approach won't work.
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