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Like many semi-arid regions, southern Alberta, Canada, has many large dams and reservoirs, most of which were constructed decades ago. These dams provide important socioeconomic benefits, but can also degrade downstream aquatic and riparian ecosystems. Many of the larger water supply reservoirs are owned and operated by a provincial agency, Alberta Environment and Parks (AEP), in accordance with water allocation licenses that include operating requirements. In the heavily allocated South Saskatchewan River Basin, the province’s water management plan recommends that AEP pursue ’optimization’ of reservoir operations, recognizing that even modest changes may be beneficial. While AEP has made positive changes in dam operations, both formally and informally, it has generally not revisited dam operating plans. This paper recommends that AEP engage in comprehensive reviews of the long-term operating plans for its water projects; these reviews should incorporate the latest science and modelling, provide for public participation, and address the potential impacts of climate change. Resulting operational changes could increase public benefits without major costs to existing project purposes. Given the common challenges and opportunities associated with older dams, lessons from this case study should be broadly applicable.