Abstract: In a voltage regulator for a generating system having a main generator and an exciter, the exciter providing field current to the main generator, it is desirable to provide a maximum current limit on the generator output which also allows the voltage regulator to maintain excitation during a fault condition. The voltage regulator of the present invention includes a maximum current limit circuit which detects not only a high current condition, but also the number of phases in a polyphase generator output in a fault condition. The voltage regulator thereby limits the maximum current each type of fault can produce, thus providing highly desirable system characteristics for clearing faults, tripping circuit breakers and prolonging generator life.