Looking at the numbers...
I have a city (not capital) with 17 base production and 35% modifier (10% workshop, 5% liberty policy, 20% golden age), so my production is 22.95. Adding a Hydro Plant would give me 11 extra hammers from the river tiles. Without golden age, but with railroad later on, I'd be netting 15.4 (11*1.4) hammers from the hydro plant. Converted to Wealth, that's 3.85 gold, covering the 3 maintenance cost. I'm also paying 2 for the Workshop though. Altogether my output would be 28 base, 39.2 after modifiers, 44.8 in golden age. The workshop pays for itself because it already gives 2 hammers, plus the 10%, and the GE slot. I'm 4 tiles from my capital, so railroad would be 8 gold for a 25% boost. Without the Hydro Plant, the railroad would be adding only 4.25 hammers. With the Hydro Plant, it adds 7, so except for the faster travel, the railroad doesn't pay for itself, while the hydro plant does.
In theory then, if the Hydro Plant adds enough hammers, it's worthwhile to build even if you're just converting the hammers.