Alternator question

My voltage gauge shows I am charging at around 10.5 to 11 volts. When I rev the engine to about 2000 it pops up to 13+ volts. Should I assume it is the voltage Regulator? It is a newer solid state reg. With the car a idle I am getting 11.75 volts at the battery. Cleaned all the battery posts and field terminals and made sure the reg is grounded to the body. Still have the amp gauge hooked up as well.
AL