New Moto Guzzi Door Mats Available Now
OMG, I already answered your question. The voltage drop was the headlight bulb. When I unplugged the bulb regulation was correct. The VR sense wire is through the headlight circuit. That's why I chose to use a relay. A relay coil causes nearly zero voltage drop. The headlight bulb caused a drop of 2 volts.
I think OMGs post is asking "why" the headlight bulb is causing a drop of 2 volts.
You missed my point. Something is weak in the original headlight/VR feed line. That weakness is still there, feeding the VR. Hopefully it isn't a future issue.
When I replaced the alternator, regulator and rectifier in my bike I had to change where the sensor line was connected. The original location had too much voltage drop and it was causing an over charge condition (just by 1 volt). I routed the sense line to 'free' lug on the fuse block and the problem went away.
As Kiwi Roy said, the headlight circuit goes through the ignition switch as well as other switches and also provides power to the dash lights. What I know to be fact, when I unplugged the headlight, regulation was correct. Had 12 volts at the plug. But when I plugged in the headlight bulb the voltage dropped to 10 volts. I believe the wiring size is too small to handle the load as well as the distance it has to carry the load. I'm confident in my remedy. It's cheap and easy and electrically rational.