An electromagnetic braking system includes an electrically conductive disc coupled to a rotatable shaft of a power generation system for operating in an island mode. The rotatable shaft is operatively coupled between a prime mover and a generator for supplying power to an island grid. The electromagnetic braking system further includes a controller for receiving at least one status or synchronization signal and for generating a control signal based on the at least one signal and an inducting unit for applying an electromagnetic braking force on the electrically conductive disc when commanded by the control signal to regulate a rotational speed of the rotatable shaft.