A dual channel power generation system comprises: a prime mover; a permanent magnet (PM) dynamoelectric machine that has a PM rotor coupled to the prime mover, two multiphase alternating current (AC) stators that develop electromotive force (EMF) in response to rotation of the PM rotor due to the magnetic flux linkage between the PM rotor and the stators, two control coils that each change the magnetic flux linkage of a respective stator in response to the level of a control current that passes through the control coil; a multiphase AC rectifier for each stator that receives AC power from its respective stator to supply DC power on a respective rectifier bus; a current feedback loop for each rectifier bus; a voltage feedback loop for each rectifier bus; a load-sharing controller responsive to both current feedback loops to develop a voltage regulator reference signal for each rectifier bus that is representative of the value of voltage that its corresponding stator should produce to maintain equal values of current for both rectifier buses; and a voltage regulator for each rectifier bus responsive to its respective voltage feedback loop and voltage regulator reference signal to produce the control current for its respective control coil that changes the magnetic flux linkage of its respective stator to maintain the value of voltage that its corresponding stator should produce to maintain equal values of current for both rectifier buses.