An energy storage system includes a power source configured to generate power. The energy storage system also includes an induction machine coupled to an inertial flywheel, the induction machine configured to receive electrical energy from the power source, store the energy in the flywheel, and deliver a first portion of the energy to a first pulsed load. The energy storage system further includes a damping network configured to receive and absorb a second portion of the energy at a controlled rate to regulate torsional oscillations in a rotary motion of the flywheel caused by load swings or pulsations of the first pulsed load.