When an alternator is subjected to a varying load, the voltage at the armature terminals varies to a certain extent, and the amount of this variation determines the regulation of the machine. When the alternator is loaded the terminal voltage decreases as the drops in the machine stars increasing and hence it will always be different than the induced emf.
Voltage regulation of an alternator is defined as the change in terminal voltage from no load to full load expressed as a percentage of rated voltage when the load at a given power factor is removed without change in speed and excitation. Or the numerical value of the regulation is defined as the percentage rise in voltage when full load at the specified power-factor is switched off with speed and field current remaining unchanged expressed as a percentage of rated voltage.
Hence regulation can be expressed as
% Regulation =(E-V)/V*100
where E0 = No-load induced emf /phase, Vt = Rated terminal voltage/phase at load