I got the alternator off the car last night and will take it in to a shop that can bench test it. The bearings feel really good, so as long as the windings aren't a mess, then I should be able to get the offending parts replaced.

Notes on the removal...
If you have never had to take off the serpentine belt, it can be a real pain if you don't have the one key tool to release the tension from the tensioner pulley. There is a square hole at the pivot point for the tensioner. This hole is 3/4" and accepts a 3/4" drive breaker bar or ratchet nicely. I borrowed one from my uncle and made getting the belt off take seconds. I fought with it trying to use other tools and solutions that I found around on other boards, but this method worked the best. If you have to, rent this tool and make your life easy. It will be well worth your time and money.

Also, there are 3 bolts behind the power steering pulley that can be tricky to get out. Use a combination of adapters to make an extension long enough to get into the hold in the pulley, but no so long that you can't get a ratchet on the end. I found that the shortest extension is just a little too long. Even a deep socket for the lower one is too long with the ratchet is too long. From the ratchet I used a 1/8" swivel, 1/8" to 1/4" converter, and then the 12mm 1/4" drive socket. It just barely fit, but after I got things loosened up enough was able to take off the ratchet and finish loosening the bolts with my finders using my custom extension.

I hope that this saves some people some time and headaches trying to get these parts off.

I took it to an Autozone and had them do a check on the electrical system and they found that the batter is strong, the voltage is right on, but the amperage is VERY low. It's enough to keep the car running, but is on its way out.

I'm going to remove it and see if I can get it bench tested just to be sure. Any recommendations on what to replace it with? It has a Bosch in there now, but a refurb Bosch is about $350! What have you guys used that work well and are reliable?

Also, what's the best trick to get the tensioner pulley relaxed so that I can get the belt off? According to Haynes you have to get a square piece of <1" metal in there and use a crescent wrench, but I don't have access to that kind of metal right now. Any other suggestions? Thanks.

I'm going to clean up the battery terminals and then take it someplace where they can test the alternator to see if it's working ok. I have a volt meter, so I can also do some testing of the electrical. I'll update this thread when I try something or make some headway.

Check the battery cables, clean them so that the copper shines on all 3 red wires. Verify that the ground from battery to body is not rusted.

If you have a multimeter, check the voltage from the alternator to the battery. It is possible that the brushes are getting old.

Check the serpentine belt for wear, it is time for a new one? With the AC on, the belt might be slipping a little.

Klaus
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Two good Volvos, a 220 and a V70R

I've owned my 1994 wagon for about 4 years now and in the 60k miles I've been driving it it has done this consistently as well. I've never been able to determine a pattern with this behaviour. I think it does it more when it's warm outside. As I live in Fl, this is most of the year.
The car hasn't been adversely affected by it doing this so I haven't bothered asking here on the board about it.
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-Hector