Further to the factory voltage set spec for your AL75X rebuilt alternator with the included EL-14V-4C voltage regulator (as in your pics), it appears your particular regulator may have a set point of only 14.1V, exactly as you measured off the D+ terminal.

I tried looking up p/n 1-197-311-009 from actual Bosch sources, but with no luck so far. It's always been hard to find these specs from Bosch and I'm coming up zero at the moment from my previous web bookmarks. A couple of other parts sources mention 14.1V for your p/n, while one other mentions 14.7V. I don't know where they're getting those numbers and what conditions those numbers apply to.

From the Volvo Pocket Data Booklet, the measured output voltage specs for the Bosch type N1 80 amp alternators are anywhere between 13.8V to 14.9 volts for these EL-14V-4C type of regulators. It appears this is related both to the factory set point for the particular p/n (in your case the 009 suffix of the 197-311 regulators) and every bit as important on the ambient and operating temperature. The Volvo output graphs for the 80 amp alternator vary widely over the temperature range. At a nominal 20 deg C (68 deg F), the Volvo graph indicates 14.3-14.5V is what should be measured in normal full operation (the kind of numbers many of us kick around in discussion). At 0 deg C (32 deg F) it's as high as 14.75V and at 40 deg C (100 deg F) it's as low as 14V. My point here is that anything over 14V measured at the B+ terminal may be normal depending on the particular voltage regulator and operating temperature.
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now