You don't get the power for free, so under load the gas engine driving
that alternator/generator must increase its throttle setting to keep
up with the increased demand. When the demand goes away, the throttle
evidently isn't closing back down, and the engine speed increases
without that extra load on it. If poorly regulated, that can increase
the voltage output as well. Think of your car idling with the lights
on, the rev it up... the lights get brighter. Conversely, keeping the
same engine speed turn the headlights off, and the voltage will rise.
Does the engine speed ever slow back down on its own? Could it be as
simple as a broken/missing throttle return spring? Or maybe a binding
throttle linkage.