Charging voltage question?

I just had a chance to get the car out for a run today. I noticed that the charging voltage is "hi 14.8 or so" but after I run around for 15 min. or so it drops to @ 13.5 -13.8 is it normal for this to happen?
Thanks
Uuuhhh.... no, not this much. There is some drop as the alternator's diodes and windings heat up, but not 1 to 1.3 volts.