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Reducing computational time has become a critical issue in recent years, particularly in the transportation field, where the complexity of scenarios demands lightweight controllers to run large simulations and gather results to study different behaviors. This study proposes two novel formulations of the Optimal Control Problem (OCP) for the Energy Management System of a Plug-in Hybrid Electric Vehicle (PHEV) and compares their performance with a benchmark found in the literature. Dynamic Programming was chosen as the optimization algorithm to solve the OCP in a Matlab environment, using the DynaProg toolbox. The objective is to address the optimality of the fuel economy solution and computational time. In order to improve the computational efficiency of the algorithm, an existing formulation from the literature was modified, which originally utilized three control inputs.