I just replaced my alternator because of a bad bearing in old one. I thought I would check voltage with new alternator and it is showing 15.4 volts at the battery. I tried my spare voltage regulator I have and it is the same. Voltage regulator is grounded good. Wires between alternator and voltage regulator test good. I found if voltage regulator is taken out of system alternator does not charge at all so I do not think it has anything to do with voltage regulator. I have also tried a known good battery also with no change. I searched and found several other threads with the same issue just no one ever posted if they found problem or not. Thanks