A central plant includes an asset allocator configured to determine an optimal allocation of energy loads across central plant equipment. The asset allocator identifies sources configured to supply input resources, subplants configured to convert the input resources to output resources, and sinks configured to consume the output resources. The asset allocator generates a cost function and a resource balance constraint. The resource balance constraint requires balance between a total amount of each resource supplied by the sources and the subplants and a total amount of each resource consumed by the subplants and the sinks. The asset allocator determines the optimal allocation of the energy loads across the central plant equipment by optimizing the cost function subject to the resource balance constraint. The asset allocator is configured to control the central plant equipment to achieve the optimal allocation of the energy loads.