There is a general need to change hydropower operational regimes to balance the growing contribution of variable renewable energy sources in power systems. Quantifying the burden on generation equipment is increasingly uncertain and difficult. Here, we propose a framework combining technical and economic indicators to analyze primary frequency control (PFC) on a timescale of seconds. We develop a model integrating hydraulic, mechanical, and electrical subsystems to characterize efficiency loss, wear and fatigue, regulation mileage, and frequency quality. We evaluate burden relief strategies under three idealized remuneration schemes for PFC, inspired by those used in Sweden, the USA, and China, respectively. We show how burden and compensation vary under future scenarios of renewable power systems. Our framework can be used by producers to develop favorable operation strategies that reduce burden and increase economic value, and by transmission system operators to provide insights on the relation between incentive structures and regulating performance.