The Victoria Copper Mining Company had often hoped to significantly expand the use of hydroelectric power on the Ontonagon River. However, it was not until five years after the end of mining operations that the financial resources began to coalesce.

In 1926, Frank H. Speese organized the Northern Acquisition Company to develop the Victoria Dam. After partnering with the Copper Range Company and the construction firm Price Brothers, the Northern Acquisition Company purchased Victoria Copper Mining Company's water rights in August 1929. The Copper Range Company subsequently purchased the remainder of the Victoria property in December.

By this point, initial engineering work had already been started by Holland, Ackerman & Holland. During the construction of the Victoria Dam by the Price Brothers from 1929 to 1931, the Northern Acquisition Company was succeeded by the Copper District Power Company, jointly owned by the Copper Range Company and the Middle West Utilities Company.

The original Victoria Dam was replaced in 1991 by the Upper Peninsula Power Company (successor to the Copper District Power Company) and the new dam continues to provide substantial electrical power to the Western Upper Peninsula.