The paper proposes a new scheme of high-power microwave oscillator of twistron type using a moderately relativistic high-current electron beam. In numerical experiment using axisymmetric version of the completely electromagnetic PiC code KARAT, a 56% conversion efficiency of electron beam power to electromagnetic radiation was demonstrated. With 340 kV accelerating voltage, 3.3 kA electron beam current, and 2.2 T guiding magnetic field strength, the simulated microwave power was 630 MW at 9.7 GHz. The “electronic efficiency” of the source reaches 66%.