The article analyzes the load characteristics of a pulse converter and series dynamo for the case that the armature current is not controlled. The condition for the generation of stable cross-section points of the load characteristic is derived by stabilizing the output voltage the region of static instability is increased. When controlling the armature current the stability is ensured by a current regulator. When analyzing the dynamic stability of the current regulation circuit it is necessary to consider all nonlinear elements and their variable structure.