Itaipu Binacional is a hydroelectric plant located on the Parana River,between Brazil and Paraguay. The dam that forms the reservoir is made up of concrete, rock and earth-filled structures. After the reservoir was filled in 1984, the level of the lake remained with an average variation of 1,5 m, between 219 m and 220,5 m (the operating elevation of the plant). The reduction below elevation 219 m only happened in very few occasions. Between the years of 2012 and 2015, due to the water crisis in the southeast of the country, Itaipu began to operate in an unprecedented manner, in order to compensate for the decrease in other energy production plants. Such operation not only caused the reservoir variation level to increase to 4 m, but also made the water level remain below the average readings. In the same period, the instrumentation indicated, in a specific region, a 5 cm settlement of the Left Earth Dam. This fact was considered atypical, because, since the construction, the measured recharges had varied 1 or 2 cm at most. In this work, flow, stability and recharge simulations were performed to analyze the abovementioned region considering the variation of the reservoir level in this uncharacteristic period. With these analyzes it was possible to observe how the porepressures behave in the dam and foundation; what the critical safety factors for the period in the upstream and downstream slopes are; and when they occur. The simulations also showed that the settlement detected by the instrumentation isn t attributed to consolidation due to the variation of the reservoir level.