The paper presents a two-dimensional field-circuit model of a two-winding, single-phase induction machine operating as single-phase, self-excited induction generator. The model takes remnant magnetism and magnetization characteristics of the stator and rotor core into account. Results of simulations and experiments are presented, i.e. waveforms of voltages during self-excitation, their dependence on rotor slot opening, influence of capacitances and different capacitor topologies on self-excitation, as well steady-state values of generator voltages and currents at no-load operating conditions. Terminal voltage and currents in stator windings as a function of rotor speed and capacitances of capacitors for resistive loads are also presented. The possibility of directly supplying a single-phase induction motor from the generator as a dynamic load were also investigated. Obtained simulation and experimental results show the need for use of semi-closed rotor slots to ensure conditions for successful self-excitation. The obtained simulation results were validated experimentally on the laboratory setup.