Caballo Dam is an earthen dam on the Rio Grande about 15 mi downstream from Truth or Consequences, New Mexico, United States. In conjunction with Elephant Butte Dam, which lies about 25 mi upstream, it regulates the discharge of the river in the lower Rio Grande Valley of New Mexico. Caballo serves as an afterbay for the Elephant Butte Reservoir, i.e. it stores water released from Elephant Butte for hydroelectricity generation purposes and discharges it in the dry season to provide for irrigation agriculture downstream. The dam is an important part of the Rio Grande Project. A secondary purpose of the dam was to compensate for lost capacity in Elephant Butte Lake due to sedimentation. Caballo Dam is 96 ft high and stands 82 ft above the Rio Grande. It is 4590 ft long and contains 33578388 ft3 of material. The elevation of the crest is 4190 ft and the average elevation of its reservoir, Caballo Lake, is 4172 ft. The dam has two water outlets; the outlet works have a capacity of 5000 cuft/s, and the main spillway has a capacity of 33200 cuft/s. Caballo Lake is roughly 7 mi long and stores up to 343990 acre.ft of water.