Abstract: A power generating system comprising a fluid driven rotor, a generator, and a transmission assembly for coupling the rotor to the generator. The transmission assembly is controlled by an hydraulic circuit which comprises a valve which in a first state prevents flow of operating fluid through the circuit and in a second state permits such flow, whereby in the first state torque is transmitted from the rotor to the generator with substantially zero slip, and in the second state the assembly slips so as to permit the rotational speed of the rotor to increase relative to the rotational speed of the generator and maintain a substantially constant torque at the generator.