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https://tomloe.com/The Rez or "Little Crowley" as it is sometimes called under the right conditions is one of the best fly fishing areas the Sierra has to offer. The "REZ" is heavily planted by the DFG and these fish can holdover and feed on the abundant food that comes in from the gorge and the Hydro pipeline out of Crowley. It is the true tail water section of the Lower Owens River and can be excellent for numbers with some very large planted rainbows to ice the cake.
The key here is hitting the Rez when the levels allow access to the transition area between the lake and the short but sweet river section located immediately below the powerhouse. Check this LADWP link for PV's elevation. 4382' something is way too low, 4386' is too high. I will get some local "s..t" for telling you this! If they are generating when you pull into the parking lot forget the river, but the lake will be fine. Break out the full sinks or heavy sink tips and head for the lake to troll streamers. The fish that have been in the Rez for a while resemble those that you see in Crowley. They feed on the abundant midge and mayfly population in both the reservoir proper and the river section that is surprisingly very much like the East Walker but smaller.
Stillwater nymphing from a float tube along the steep drop-offs can be incredible for numbers. As the water warms in the late winter and spring, you that love to fish Crowley may want to look at PV for the same experience. Although not as picturesque, it certainly won't matter when you have a shot at a 50 fish day. Use the same rigs as you would on Crowley, fish them around the 10 foot depth to start. My favorite way to fish here is by using a dry/dropper bead head nymph rigs and casting from the shoreline to rising "pods" of fish that migrate up from the Rez to feed in the slow moving transition water. 10 foot leaders and an absolute dead drift are tools you will need to get big numbers form these feisty rainbows and browns. Tiger midges are hard to beat as a nymph but there is a great population of mayflies and I have had great days using FB PT's, bird's nest, and hares ear patterns as well. Use a Stimulator or "high- vis" para post mayfly or midge adult and you may have quite a few grabs on the top as well during the hatch. We enjoy guiding this area and will provide tubes if you wish.
Our photo shows how Fishing the "transition zone" between the river and the lake can be very productive.