Several embodiments of an uninterruptible power supply (UPS) system, which system provides highly reliable output power to a load using a slip-ring induction machine and a flywheel combination, are disclosed as well as methods relating thereto. In a preferred embodiment, the UPS system comprises a back-up power source, e.g., an engine and generator, and a slip-ring, or wound-rotor, induction motor and flywheel combination, which are in parallel to a primary power source, e.g., a utility grid. During normal operation of the UPS, the primary power source supplies alternating current and voltage to the load and the UPS compensates for voltage drop across the isolating inductor. Moreover, the primary power source keeps the slip-ring induction machine and flywheel in an excited state, i.e., the rotor of the slip-ring induction machine, the shaft of which is shared by the flywheel, is excited above normal synchronous speed. When the primary power source fails, the flywheel, which is rotating at super-synchronous speed and storing kinetic energy, drives the rotor of the slip-ring induction machine and generates, i.e., induces current in the stator. Accordingly, the flywheel and slip-ring induction machine combination provides instantaneous, short term power to the load until the back-up power source has powered up and been brought on line.