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Well, I bought a new regulator (from an '84, since my alternator was upgrade to one with an internal regulator) and installed it at work today. Very easy swap. At start-up it began to charge nicely for about 5 seconds, then went back to what it was doing before.
I put a digital voltmeter on it, and while idling it's making about 12.2 volts, which was enough to drive it home without depleting the battery, but is not enough to keep the battery topped off.
What the heck is wrong with it? It has a recent battery, so those connections are clean. I used an old jumper cable to ground the alternator to the body and the engine and the battery with no change.
I guess it acts like a bad connection that ceases to connect as soon as a little current heats it up or something, but I don't know where to look.
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