A magnetic motor generator that produces electric power by rotating a one piece magnetic floating flywheel assembly that is operated by a linear induction motor and repelled upward by a stationary natural magnet. The floating flywheel assembly magnetic axel rotates inside magnetic collar bearings, which have repelling stationary magnets to center the axel at speed. The floating flywheel assembly rotors move inside generator stators to generate electric power. The floating flywheel assembly has no physical contact with other components to prevent bearing losses at speed. A timing computer controls the operation of the linear induction motor, assesses the speed of the floating flywheel assembly and fires only when necessary to maintain rotation. The moving components are enclosed in a vacuum chamber to prevent wind resistance, or windage losses at speed. Surplus electric power can ether be stored/used by the system or used to supply a load.