Efficiency and Equity on the Klamath

We usually talk about production, but sometimes there's an interesting article about un-production as well. There are currently four aging dams on the Klamath river in northern California. Everyone seems to agree that it's more worth while to dismantle them than to upgrade them to meet environmental standards -- but there are a lot of stakeholders involved, each of whom wants their interests represented. One of the stakeholders is the fish who swim in the river; "their" interests are represented by a government agency. How do the issues of efficiency and equity play out in this scenario?