If you believe the Russian propaganda, you think Russia’s control of Donbas is relatively solidified, Ukrainian forces are taking heavy losses and do not have the support of the population in the east. It makes sense for Ukraine to destroy the dam as an act of desperation in hopes that the disruption it causes will create an opening for them to exploit.

If you believe the Ukrainian propaganda, the Russians have been taking heavy losses and the rumored counteroffensive which is right around the corner will drive them out once and for all. If this is true, it gives Russia motive to destroy the dam, as they fear it will soon fall into Ukrainian hands, and its destruction will impede Ukrainian troop movements.

Personally, I tend to believe both narratives are heavily exaggerated, both sides are taking heavy losses, and that nobody is “winning” this stupid war anytime soon. But with how deeply both government/military narratives have penetrated basically all media, I’m not seeing any analysis of who benefits from this if no side is clearly winning.