I'm not a alternator tech, so this might be OTL, but I was under the impression that the solid state regulator was somehow built/configured to only be able to put out a programmed max voltage.

Nothing external should make the alternator put out more than it is regulated to do. A shorted battery or anything else should only allow a maximum charge of around 14.7 volts.

If the output voltage goes beyond this, it seems like it would be a internal problem, a regulator problem. Does this theory sound right?

Stuart