The dam and power plant along with their associated facilities were completed in 1957 at a cost of $51 million.

Water released from the five upstream dams is used at Gavins Point for production of hydroelectric power. Gavins Point generators provide enough electricity to meet the annual needs of 68,000 homes. Controlled releases from the dam enhance navigation and minimize erosion on the Missouri River to St. Louis, Missouri.

Gavins Point Dam, along with Lewis and Clarke Lake, provide $61 million in benefits to the public annually. The stretch of Missouri immediately downstream the dam is the only significant section of non-channelized meandering stream on the lower portion of the river.

While most of the Missouri River plants are used for peaking or semi-peaking purposes, which means they generate more energy during the hours of highest demand, Gavins Point Dam is the only dam consistently used for baseload production, which means the plant provides a continuous energy supply.