One-wire alternator help

I have a Powermaster 140A alternator on my '90 306 and it started acting up yesterday. I don't know if it was the cold, or what. I started the car and the volt gauge read battery voltage. (it's done this before, it's normal cuz of my idle speed and the turn-on speed of the alternator) i then revved the engine to get it to start charging, and it pegs the volt gauge! i verified with a DVOM and it was slowly but surely creeping up past 18 volts. what is going on with this... i checked all the 4 gauge wires and theyre tight...
 
You alternator should have an internal voltage regulator. It sounds like it has gone bad. I would not run the car like that as it could overcharge and burn up some things.

I had one do this in my 82 GT and it blew the tops off the battery and acid got all over the engine. It ate through my radiator hoss, spark plug wires, paint.....basically everything it touched.
 
I had a one wire alt on my 85, and indeed, they should have an internal regulator. I would take it down and have it tested. Also do you still have the regulator that came with the car?? That might be a problem if it is still hooked up, I had something similar happen when i switched over to the one wire and it was because of the stock voltage regulator.
 
marine_2003: the stock voltage regulator is on the back of the stock alternator, so that's not causing a problem here.

i know its got an internal regulator. it HAS done this once before...i THINK i fixed it by tightening a connection somewhere, but i cant remember. there arent any loose wires right now that i can find.

btw, this alternator is based on the GM Delco 10SI series alternator. do you think if i got a "one wire conversion kit" for gm alternators that that would come with the parts i needed? or should i just call powermaster?