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Multiple small stations that withdraw energy, thus multiple losses in conversion, as well as multiple machinery. Add to that the small thing that most rivers are not constant in flow, but have a period in which flow is low, as well as a flood time. The dam serves as a reservoir to keep a lot of the flood water for use in times when the flow is low, as well as providing a high pressure to get much better conversion efficiency out of the generation system by having losses being a smaller part of the power input.