The nearby Eugenia Power Station has the highest head of water of any hydroelectric generator in Ontario, and has provided a significant amount of electricity to the provincial grid for a century.

The hamlet of Eugenia, named after Princess Eugénie, the wife of Napoleon III, was established near the 25 metres (82 ft) waterfall.

[5] By 1870, four mills operated on the Beaver River,[6] and the growing community of 200 also featured several stores, Presbyterian and Methodist churches, a school, a carriage factory, a blacksmith, a cobbler and a carpenter.

Using a paddlewheel to generate 70 kW from a 6 metres (20 ft) head of water, the station barely produced enough electricity to meet the needs of Eugenia and Flesherton.

Well-known power station engineer Hugh L. Cooper surveyed the site for the consortium, but reported that the project would be uneconomical because the Beaver River's capacity varied seasonally.

The Commission believed repairs, estimated at more than $500,000, would be uneconomical, and instead, lowered the level of the reservoir by 4 metres (13 ft) to relieve pressure on the dam.

[8] Eugenia has become a tourist and cottage destination, and its businesses include a carpenter, several stores, several restaurants, several B&Bs, and a United Church.