A system for storing and recovering energy associated with a machine (10) having ground engaging tracks (60,62), the system comprising: a power source (14) configured to supply mechanical energy for operation of the machine; an electric generator (16) operably coupled to the power source; an electric motor (18) operably coupled to the electric generator, the electric motor being configured to supply power to the ground engaging tracks; an energy storage device (17, 19, 26, 55); and a controller (36) configured to coordinate operation of the power source, the electric generator, the electric motor, and the energy storage device. The controller (36) is configured to divert a portion of energy stored by the energy storage device (17, 29, 26, 55) to the electric motor for shaving power peaks. Also, the controller may be configured to charge tha energy storage device (1, 19, 26, 55) when reversing, during regenerative braking or when lowering a working implement.