Umm, so Magnetism has no inherit electrical properties, and the magnetic portion of the equation doesn't matter? When we generate electricity, are we really generating it or just the current to move it through the wires and do work for us?
In a generator no work is done on magnetism alone. It is the mechanical motion of the wires (or rotor) moving through the magnetic field that generates the current. It takes more mechanical energy into the system from a turbine or engine that comes out as electrical energy on the wires. The losses are heat from friction and resistance. We do not generate or capture energy in an electrical generator, we transform mechanical energy from an outside source into electrical energy and heat.