WaterNSW says there is a "high likelihood" of the Murrumbidgee River rising further due to flows from tributaries and the region's soil being saturated with water.
The Murrumbidgee and Tumut rivers are subject to a minor flood warning, with the water level at Wagga rising at 5.98 metres on Friday towards a predicted height of 7 metres.
WaterNSW system operations executive manager Adrian Langdon said the future flood forecasts would depend on rainfall.
"We've increased [the dam releases] to minor flood levels to try and get more airspace to mitigate any risk of high levels later in the year," he said.
"Depending on the rainfall patterns that we get coming through, the wet catchments at the moment, there is high likelihood that we could see inflows from the tributaries, resulting from higher river levels.
"It is something we do need to keep a lose eye on on the moment."
Bureau of Meteorology (BOM) repeated its warning on Friday that releases from the Burrinjuck and Blowering Dams combined with local tributary inflows will cause flooding near minor levels along the Tumut and Murrumbidgee rivers in coming days and into next week.
BOM agriculture and water manager Matt Coulton said the catchment areas were "very wet" and the region would likely see wetter than average weather over the next few months.
"The catchment upstream from Hume dam is wetter than it has been for several years and it won't take very much rain to produce quite a rapid response from river levels and tributaries," he said.
Mr Langdon defended the organisation's handling of releases from Blowering and Burrinjuck dams, which have rapidly approached 100 per cent capacity over the past few weeks.
"We have actually released 520 gigalitres of water from Burrinjuck and Blowering dams over the last two months, trying to keep some airspace in those storages," he said.
"That is being actively managed through June and July to try to get those volumes out but the volumes we have had come in have exceeded that."
Burrinjuck dam exceeded 100 per cent capacity on Monday and Blowering followed suit on Thursday, with both dams releasing a combined 27,400 megalitres into the Murrumbidgee River yesterday and another 32,100 megalitres as of 9am on Friday.
NSW SES chief superintendent and southern zone commander Nicole Priest said the organisation would prepare flood bulletins on current and expected conditions.
"We also do high river warnings, which is an equipment and livestock warning, and that will help landowners start to think about raising pumps and moving equipment and looking at how they are going to manage their land during those river rises," she said.
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