Jean is absolutely correct, and I botched my response. The OEM Commando power regulator is a simple zener diode. Under zero load, the current passing through the zener also passes through a ballast resistor, where it is dissipated as heat. Under load, some of that current is absorbed into the load, and less of it shunts through the ballast and zener, so the zener runs cooler. In a modern series-pass regulator, the regulating active device, say a power transistor, is turned off when in a zero load condition; the transistor sees the full voltage difference between the recified alternator voltage and the battery voltage, but the current is zero (it is in cut-off), thus there is no power dissipated. Power is dissipated only when the load is present and current passes through the transistor.