Yeah, magnetic induction is one of the methods people have been trying to use for direct energy conversion:
https://en.wikipedia.org/wiki/Direct_energy_conversion
This solution might be more suited for space travel than power production. You have to figure out how to plug it into our power grid. Our power grid is designed around alternating current and transformers that are tuned to 60Hz.
How do you get clean 120VAC 60Hz power at the load from a plasma based fusion reactor. Suspect that the noise produced is pretty high too. Would be interesting to see a spectral distribution of the plasma.