A power supply and control system for electrically powered shuttle-trains incorporates at least one shuttle train having a motor and a generator. A first plurality of track segments has associated synchronous power modules exchanging power synchronously with a power grid through a plurality of power supply rail segments connectable to the motor or generator. A second plurality of track segments has associated variable frequency power modules exchanging power through a second plurality of power supply rail segments connectable to the motor or generator. Isolation segments separate adjacent power supply rail segments. A control system interconnected to the variable frequency power modules controls the frequency of each variable frequency power module based on the location of the shuttle train.