A permanent magnet made of ferrite magnet material used for a generator may be irreversibly demagnetized by a factor such as current supplied to a field coil, temperature of the permanent magnet and/or output current of an armature coil. When the field current exceeds a preset value, and also the output current exceeds a preset value, the field current is limited to prevent the irreversible demagnetization. Thus, the irreversible demagnetization of the permanent magnet can be prevented, while ensuring a sufficient amount of the output power. It is also effective that the field current or armature current is limited when the temperature of the permanent magnet is in a range of possible irreversible demagnetization.