Thanks all
The slip rings look okay and the bearings still seem to run smooth.
Above idle the voltage increases up to ~13.8ish volts. The voltage is the same at the battery and the alternator so I doubt it's a cable issue. On going back to idle the battery voltage slowly drops back down.
As far as I know it's the original alternator, at least It still has a Volvo label on it. If it is original, the car has done 422K km.