Hayden,
Continuing in my attempt at humor,

you still have this backwards. Disregard for a moment, if you will please, all the power equations, P = V^2 / R, etc. There are two pieces of equipment at work here: the batteries and the alternator. Two, because I'm excluding the regulator completely, since it doesn't matter whether it's internal or external. Why? Because ALL a regulator does is set a voltage setpoint for the system to reach.
It's battery acceptance that at any given voltage will begin to resist the available current flow. This is critical in terms of understanding the process. For example, if you have a gigundous shorepower charger, let's say 200A, and a battery bank, regardless of size, that needs charging. Also regardless of SoC or % full or whatever you want to call it.
For ANY GIVEN VOLTAGE, there is a certain resistance of the battery to accept any more current, called battery acceptance. Because of the chemistry of the batteries were use on boats, the nominal optimal charging voltage has been determined across the industry, i.e., the guys that make these things, to be in the rage of 14+ V for a 12 V bank. This is to avoid boiling off the chemicals in the box.
All the regulator does is set this setpoint V. It does not "tell the alternator to reduce wattage" (actually what we measure as you know is amps). The battery "pushback" does that all on its own. An external regulator simply uses a built in time clock, much like any smart (not really) three stage charger, to change that setpoint after a certain time. External regulators simply check system voltage before they start the clock and do other cross checks, but that's immaterial to the basic concept of how the system works. Don't get caught up in the how until we can agree that you understand the what.
As the amps get pumped in and the bank fills, it pushes back more and more, as at the same time the system V is rising to the setpoint. This is what the graphs in Balmar's manuals and all charger manuals all show: time on the X axis, and V on the right, A on the left. If the setpoint V was lower the A flow would be less, thus taking longer to charge i.e., pump A into the bank, charge it. If the setpoint V was higher, more A would flow, the manufacturers recommend 14+ to stop killing the fluids and boiling them off. That simple.
Once the setpoint is reached, Amps reduce by battery pushback so even if the alternator was 600A, only how much the battery can accept at that particular SoC and V will flow. That's the only reason the A (watts) reduce. Nothing BUT the batteries is "telling" the charging source to do anything.
I leave it to Maine Sail to explain the how of regulators, but it seems to me that this basic understanding of how charging works is important, even if you get the answer you are reasonably requesting. I'll go re-read my Balmar manual again, too.

Have you read one?