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The design of the Rybinsk HPS began in the early 1930s, and in 1935 the construction of the dam began. The builders simultaneously erected the Uglich hydroelectric power station and the Rybinsk hydroelectric power station 90 kilometers from each other. They were the first of the Volga cascade of 11 hydroelectric power stations. The powerful HPS of this cascade became a symbol of the industrialization of the Soviet Union in the 1930s. 

The Uglich HPS was first launched in 1940. It played a very important role in providing Moscow with electricity during the Battle of Moscow, when German troops came close to the capital in 1941. Moscow was cut off from the supply of coal and other energy sources, but the electricity of the Uglich HPP allowed all services of the city to function stably.  

The German troops understood the importance of the Uglich HPS and Rybinsk HPS. Anti-aircraft batteries were located around both dams during the war. German planes unsuccessfully tried to bomb the Uglich hydroelectric power station until 1943. They did not bomb the Rybinsk HPS, because according to their aerial survey, the construction was not completed, and the HPS could not generate electricity. 

However, the Soviet authorities decided otherwise. By November 1941, the Rybinsk hydroelectric power station was 80% ready and the first hydroelectric unit under canvas tents was launched according to a temporary scheme on November 18, 1941. The second hydroelectric unit was launched on January 15, 1942. The battle for Moscow at that time was in full swing and electricity from both HPSs facilitated the tasks of providing troops near Moscow. 

The Rybinsk hydroelectric dam is located on the Sheksna River, and there are locks on both the Sheksna and the Volga. The HPS was built near the place of their confluence. The locks of the Volga hydroelectric power Station are an architectural monument. 400 meters upstream on a narrow island there is a 17-meter Monument to Mother Volga. 

During the construction of the Rybinsk HPP, a huge area (4,550 square kilometers) was flooded. More than 120 thousand people were relocated from the flood zone (663 villages and the city of Mologa). The Rybinsk reservoir is more often called the Rybinsk Sea. By area, it ranks third in Russia and eighth in the world. At the time of its creation, it was the largest artificial reservoir in the world. 

After the formation of the Rybinsk Sea, fishing opportunities in these parts increased, although after the construction of the entire Volga cascade of hydroelectric power stations, sturgeons disappeared in the middle reaches of the Volga. However, the Rybinsk reservoir is still a favorite place for amateur fishermen from all surrounding areas. Sterlet is found here today.