The effect of Tennessee Valley Authority reservoir water levels on recreational fishing is evaluated. Data were collected in east Tennessee during March through August of 1994-97. Water levels were not a major barrier to participation during the six-month period, but levels did affect the number of trips taken by anglers. Maintaining lakes at full pool for one additional summer month would result in an additional one-third trip per angler, or an additional 87,000 trips in the study region. The average net benefit of a full pool is $1.82 per angler, or an aggregate benefit of approximately $476,500 in the region.