Yes the generated voltage can be greater or smaller than the nominal or the rated voltage. This is due to the change of the rotation speed of the generator and the flux density emanating from the magnet of material. So in order to keep the output voltage of the machine one must control. the magnetic flux and the speed of the generator.
If it's about hydro generation (as the keywords seem to indicate), controlling the output requires to control the hydraulic energy input - usually done by throttling the water flow. (Although other methods of control may apply as well.)
I agree with the respected colleague Dreher that you can control the speed of the turbine by controlling the water flow in it using water gate. The other method is which is more simpler is to control the magnetic flux produced by the machine electromagnets. This is a conceptual answer and if you want a practical answer you have to consult the specialized literature.
So, this discussion is fruitful. Yes you need to control the current flowing in the winding of the magnetic poles of the machine. So when the velocity increases you have to reduce the currents flowing in the winding of the magnets to keep the voltage Constant.
Welcome to the world of impedance and load matching!
We still do not know which type of machine you intend to use, and whether your application would be grid-tied or some island supply. Thus I'm currently stuck to some basics:
If an appropriate load is connected, you will be able to experience the effects of the machine's impedance: the output voltage decreases with the increase of current drawn.
If the load is lower than the hydraulic power provided, this will result in your machine speeding-up - until disintegration :( This cannot be mitigated efficiently by any control of the excitation current: increasing the excitation current will further increase the output voltage (might result in an increase of the current drawn - provided the load can cope with the overvoltage), decreasing the excitation current will result in a faster speed-up - the way to destruction.
For an island supply, the output voltage is the controlling value: all control is about approximating the output set voltage. This topology also requires to control the hydraulic flow: the flow has to provide the energy required to "generate" the electrical energy demanded by the load. Not less, not more.
For a grid-connected supply, the machine is locked with the grid. Thus, on a local basis you are free to provide as much power as the machine can generate. Supply just the hydraulic power required to do so.
(In the wider view, the grid-connected generation is not much different from the island supply: on grid-basis, load drawn and power generated have to be balanced as well. It's just the controls means that somewhat differ.)
If you really want to dive deeper in this matter, see to get some good book(s) about these topics. While an understanding for the control of the machine is necessary as well, you won't go far without knowledge about more general "grid strategies" resp. "supply strategies". "Energy technology" is a wide field of its own...