A quasistationary generation mode was experimentally implemented in a moderately relativistic microwave generator of twistron type with an efficiency of energy conversion from the driving electron beam to electromagnetic radiation of 29 ± 7%. With a guiding magnetic field of 1.9 T, an accelerating voltage of 210 kV, and an electron beam current of 1.5 kA (50 ns pulse duration), the microwave power was 156 ± 34 MW corresponding to the power conversion efficiency of 50 ± 12%. The width of 10.62 GHz microwave pulses was 26 ns, with no visual microwave pulse shortening. In a numerical simulation using the KARAT code, the potential influence of a collector plasma on the oscillator operation has been studied.