If you're still talking about the Mercury EFI 175, then I would suspect it's your rectifier. Let me ask, had you or anyone in the past put the battery posts on backwards? I did this once on my EFI and it blew the rectifier immediately. The new rectifier I ordered had in line fuses to prevent that. With a working rectifier, the Battery should reach between 13.4-14.4V when running.
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