How these work.
The "run" circuit, feeding power to the ignition, also feeds power to the blue wire to the VR (sense and power) and also to either field, evidently red in your case.
The VR controls "the amount of grounding" on the green wire. I believe it is pulsed.
This is similar to many solid state switching circuits, where a transistor is switching a ground leg of a circuit.
You MUST determine if there is a short in that circuit, easy.
Turn the key to run. Measure The red to ground and the green to ground right at the alternator, with all wiring connected normally
The red should be close to "same as battery," and the green should be quite low. This shows that the VR is getting power, that the field is getting power, and that the VR (or a short) is pulling the green side of the field to ground, causing it (properly) to draw current
Pull the connector off at the VR. Measure the green to ground at that point. The voltage should be same as battery. Again, with all other wiring connected, with the key still in "run."
As a double check, just check continuity --- With field wires unhooked, you should show low resistance between the two field terminals and open/ infinity from either field terminal to ground
If that checks OK, then with the green unhooked at the VR and the alternator field, check the green wire for continuity to ground, which should be open
THE VR MUST BE grounded. Scrape around the mountings and use star lock washers
As a last double check, with the engine running and charging, you should be able to either disconnect the green field wire at the alternator, or disconnect the VR connector, and either action should stop charging, output should drop to 12.6 or a little more because of "float"
If these tests check out and you have verified that the VR is in fact grounded, replace the VR