Water Distribution System operation involves two issues that have large economic repercussions: pipe renewal and rehabilitation and reduction of Non-Revenue Water (NRW). This paper presents an algorithm that, based on the unitary power concept, selects the most important pipes to be replaced in order to reduce the dissipated power and the NRW, while keeping the pressure surface levelled. Additionally, the proposed methodology finds an ideal renewal scheme in terms of economic benefits and profitability. This paper includes two case studies in which the proposed methodology proved to be successful, achieving renewal schemes both profitable and hydraulically optimum.