Why doesn't a super cooled superconductor generate usable electricity due to the phenomenon of electromagnetic induction when placed upon a magnet? I basically mean, why can't it create electricity by using the Meissner effect and electromagnetic induction?
What a superconductor in a magnetic field does is create (by Lenz's Rule) a current that creates a magnetic field which in turn pushes the external field outside of the volume of the superconductor. Since such a material has no resistance, you have no heat losses that would decrease the internal current. To answer your question, a superconductor does produce electricity in a magnetic field, but that is used to levitate it.