This can be a number of things, go through it and TEST
1.....The alternator can have a grounded field. Unhook the regulator connector and see if it stops charging. If not, you have a problem.......grounded field
If this is ok......
2.....You might have a bad regulator or you might have a voltage drop problem
To test..........
A.......First the regulator MUST be grounded. Remove, clean and scrape, remount tight with star lock washers
B.......Run voltage drop tests. Run engine, warm, at an RPM to simulate "low to medium" cruise speed. Stab one probe directly into the top of the battery NEGATIVE post. Not the clamp. The POST
Stab the remaining probe into the mounting flange of the regulator. Stab through any paint, rust, chrome. You are hoping for a very low reading, the lower the better, zero is perfect.
Check the above first with all accessories off, and again, with everything on, lights, heater, etc
C......Turn engine off, turn key back on to "run." hook one probe to battery POS post, and the remaining to an "ignition run" source. The ballast resistor ignition feed, or the blue field wire to the alternator. You are hoping, again, for a very low reading, the lower the better. More than .3V (3/10 of one volt) is too much.
In this case, too much voltage is a bad connection in the ignition run feed from the battery. The circuit path (factory wiring) is......
Battery..........starter relay.......fuse link........through bulkhead connector........to ammeter.......through ammeter......to "welded splice".........to ignition switch connector........through the switch........back out the switch connector (dark blue IGN1).......back out through the bulkhead connector
ANY and more than one of the above items can have a problem, causing a drop
If this reading is "reasonable," let's say it's 1/2 volt or even .8V. This is high and needs to be looked at but it is NOT the cause of your trouble.
If these volt drop readings are OK, replace the regulator