This report develops a detailed analysis of a type of electrohydrodynamic power generator which employs an ejector and a so-called 'fluid flywheel' as essential components. The medium is steam containing electrically charged water droplets. The analysis takes into account the experimentally established facts that the maximum strength of the electrical field that can be sustained at incipient breakdown at the most critical location is proportional to the fluid density at that location. It is shown that as a consequence of this fact, the electrical output can be maxmized by designing the primary jet for an exit Mach number of 0.71. Estimates are made of the pump work required, of mixing losses in the ejector and of friction and secondary flow losses. The mathematical analysis is reduced to a fully non-dimensional form and the key dimensionless parameters that govern performance are clearly identified. A preliminary estimate is made of the numerical values of these parameters and the overall performance of the system is esitmated on this basis. (Author)