A vehicle power supply apparatus has first and second engine-driven electrical generators and first and second storage batteries, the first generator supplying a stable voltage to the first battery and a first set of loads, and the second generator supplying the second battery and a second set of loads, which can tolerate supply voltage variations. Operation of the second generator and charging/discharging of the second battery are controlled to maintain the total engine torque applied to the generators at a level whereby fuel consumption is reduced, while the supply voltage of the variation-tolerant loads is allowed to vary substantially.