This paper presents the equivalent circuit and steady state behaviour of a recently introduced single phase generator configuration of a three phase squirrel cage induction machine. One winding of the three phase machine is used for real and reactive power control of the machine while remaining two windings are connected in series to form the output terminals to which the variable consumer load and a fixed excitation capacitor are connected. Starting from abc reference frame model, the paper derives dynamic equations of the system in both α-β and d-q reference frames. Complete set of steady state equations are then derived in α-β reference frame model before proposing a novel steady state equivalent circuit. The steady state behaviour of the machine is analysed using Matlab Simulink under different conditions of load, rotor speed, excitation capacitance and voltage applied to the controlled winding. Comparison of the steady state values obtained from transient model and respective results obtained from the equivalent circuit shows the accuracy of the derived steady state model.