The voltage regulator controls the output. You will need to check that first.
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Just had same problem this evening with my Powermate 4000. Remove the Generator End Cap (the 4 long bolts). Inspect and Clean both harness plugs, one large on top, one small below. Clean both copper/bronze commutator rings (on the end plate that faces outward) with blue emery cloth and wipe clean with a dry dish towel. The rings should be a bright copper/gold color when clean, as opposed to the dark brown or black color before cleaning. Lightly clean the contact face of the 2 graphite brushes located in the end cap you removed. Lightly Grease End Cap Bearing and then re-assemble. This is generally all that is needed to restore power output. Test output with a plug-in drop light before throwing on a heavy load.
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