The Itaipu dam, which is operated by Paraguay and Brazil, finished 2016 with record electricity production of 103.09 million MW hours, eclipsing China's Three Gorges Dam as the world's top generator of hydroelectric power, officials said Sunday.

Itaipu's hydroelectric turbines achieved an operational efficiency level of 96 percent last year, a figure that exceeded the 94 percent goal set by the board of directors, the facility's management said in a statement.

Some 97 percent of the water entering the facility was used to generate electricity.

On Dec. 20, Itaipu became the first hyroelectric power plant in the world to reach 100 million MW hours of generation.

The figure broke the facility's previous output record and shattered the record of 98.8 million MW hours set by Three Gorges in 2014.

The record electricity production will result in Paraguay's Treasury receiving an additional $100 million in royalties.

The hydroelectric power facility paid about $10 billion in royalties to Paraguay and Brazil from 1985 to 2013.

Itaipu supplies about 18 percent of the electricity consumed in Brazil, up 4 percent from the year-end 2015 figure, and 82 percent of the electricity used in the Paraguayan market, up from 75 percent in 2015.