[duckcanuck]

But regardless of the state of the battery, I would think that running voltage should be around 14V.

Good idea to get a load test on the battery. Many batteries get the automatic blame, and are replaced only to then discover the real source of the problem. Some of the parts places also will test your alternator if you bring it in.

By the way, the regulator lives in the body of the alternator, but Haynes says it can be replaced separately.

If it helps, when I needed an alternator for my Escort last June, I found these guys had great prices:

http://www.primechoiceautoparts.ca/t-about.aspx

Good luck. I hope it turns out to be something cheaper than a new alternator.

Bob