Caballo Dam is an earthen dam on the Rio Grande about 15 miles (24 km) downstream from Truth or Consequences, New Mexico, United States. In conjunction with Elephant Butte Dam, which lies about 25 miles (40 km) 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.
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