05 3.5 v6 alternator issue
 

Hello
I connect multimeter on battery while engine running I'm getting only 10.5v. step on throttle same thing.
Also I noticed on top of the alternator the big red wire which bolts top alternator the grey plastic housing has started to melt over the nut?
Do I have alternator issue or electrical?
I did put new battery 6 months ago.
https://cimg0.ibsrv.net/gimg/www.chr...bf6bc0a9df.jpg