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In response to where does the excess go, Current is flow, so unless there is draw, there is no current therefore the excess you mention from the generator is just magnetic field and wire windings creating and holding voltage while spinning. The generator spinning will just keep the voltage until the demand is there to create the draw/current. Same as in a house; We all have voltage at our outlets that just sits there until we plug something in then there is current. So to wrap it up, in the house there is no waste so to speak by just having voltage at the outlets nor is there a buildup anywhere of current or heat. The heat is generated by flow/current not voltage.At least that's my understanding of this in a nutshell.