Yes, they operate like a transformer, and should probably be just as efficient (routinely, HV transformers are more than 98% efficient).
In fact it is exactly like a particle accelerator, but operating in reverse, as a particle decelerator. The currents in the secondary will be pumped by regular ion beam pulses through the primary, ( probably 900 or 1200 sub-microsecond pulses per second), and these will very likely be connected to one or more resonant circuits.
The conversion to electrical transmission lines will be interesting, since the ion beam pulse is quite short, whereas the power grid operates on 50 or 60 Hz. Among the components, I foresee a high frequency resonator, (perhaps 10 MHz?) in the circuit, and a gang of 15 to 24 phasing coils.