The dam provides electrical power generation and is operated by the Yukon Energy Corporation.

The lake was named after Frederick Schwatka, a US Army Lieutenant who was first to explore the total length of the Yukon River.

The lake's surface area is approximately 15 hectares (37 acres) and a depth of about 6–8 metres (20–26 ft).

[1][2] A fish ladder has been constructed around the hydroelectric dam to allow the passage of Chinook salmon to their spawning grounds upstream of Whitehorse.

Previously, there had been talk of moving the float plane base or the water supply to Fish Lake, which is impractically located to the west over a winding, steep road.