The regulator controls the voltage. High resistance in the bulk head connector, or elsewhere can confuse the regulator making it sense less voltage than the alternator is actually putting out. Then the regulator orders it to put out even more.
I would start looking for voltage drops across the circuits. Maybe start checking between the output stud on the alternator and the plus pole on the battery. Do the same between the regulator cover and the negative post of the battery.
Of you have more than a couple tenths of a volt, you have a problem