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A wireless Energy Harvesting Sensor (EHS) needs to send data packets arriving in its queue over a fading channel at maximum possible throughput while ensuring acceptable packet delays. At the same time, it needs to ensure that energy neutrality is satisfied, i.e., the average energy drawn from a battery should equal the amount of energy deposited in it minus the energy lost due to the inefficiency of the battery. In this work, a framework is developed under which a system designer can optimize the performance of the EHS node using power control based on the current channel state information, when the EHS node employs a single modulation and coding scheme and the channel is Rayleigh fading. Optimal system parameters for throughput optimal, delay optimal and delay-constrained throughput optimal policies that ensure energy neutrality are derived. It is seen that a throughput optimal (maximal) policy is packet delay-unbounded and an average delay optimal (minimal) policy achieves negligibly small throughput. Finally, the influence of the harvested energy profile on the performance of the EHS is illustrated through the example of solar energy harvesting.