Yarrawonga Power Station is adjacent to the original weir structure on Lake Mulwala, on the Murray River, on the south side of the Victorian/NSW border. Yarrawonga Power Station was completed in 1994 and is a run-of-river scheme using a Kaplan-type turbine. The station has two ESAC variable pitch Kaplan turbo-alternators, each with a capacity of 4.75 MW, and feeds power into the Victorian transmission grid at a voltage of 22 kV. Despite the power station's presence, Lake Mulwala is kept at a reasonably constant level for recreational purposes. Changes in the head are driven by changes in the height of the Murray River. These changes are directly related to precipitation in the catchment areas and water releases from the Hume Dam.

Upstream storage control at Lake Hume and Dartmouth allows consistent storage levels at Lake Mulwala. This permits Yarrawonga Power Station to be a relatively consistent power producer.