The lake has closed over the new year period for the past decade, with emergency services calling for the shutdown following multiple dangerous incidents.
Goulburn-Murray Water delivery services general manager Warren Blyth said continuing to close the lake was the most sensible decision.
“The advice from emergency services is that we continue to close Greens Lake during the new year’s holiday period,” he said.
“Doing so has effectively reduced the type of incidents that led to the closure, so it is the safest option available.”
The lake will be closed from 10am on Tuesday, December 31 and reopen at noon on Wednesday, January 1.
Those camping at Greens Lake ahead of the closure must remove their camps before leaving the area.
“Most potential visitors are aware that spending the new year there is not an option,” Mr Blyth said.
“We appreciate people’s continued co-operation and wish everyone a safe and happy holiday period.”
Further restrictions are also likely at Greens Lake, with speed limits to be enforced if its capacity falls below 47.4 per cent.
As of Friday, December 13, the lake’s capacity was at 50.12 per cent, and has steadily fallen since August.
For more information, phone G-MW on 1800 013 357, or visit www.gmwater.com.au/greenslake