To provide a dynamo that is easy to wire and easy to assemble wherein its output voltage is suppressed, while a heated voltage suppression element is cooled, even when the speed of a bicycle is increased.

A voltage suppression circuit (62) is constructed of a Zener diode (66) (voltage suppression element) for suppressing the output voltage of the dynamo and a resistor (61). This voltage suppression circuit is installed on a stator core (16) through an earth lead plate (38). Heat from the Zener diode (66) is radiated to the stator core (16) to suppress temperature rise in the Zener diode.