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Now we're talking about free HP power if we redesign it! :/ I'd guess this system is employed due to the fixed magnets tho which likely dictate it runs at full output all the time. What isn't needed is passed to the shunt. Unlike an auto where the current output can be increased by applying more current to the field coils.
Exactly! Even with the a series regulator I don't think you'll save that much HP because of the permanent magnets and stator core interaction. You should save a little with the coil hysteresis out of the loop but I'm wondering how much.