Here's the electrical schematic of a 951 carbed ski, most are very close aside from minor differences such as optional gauges. You can see the three-phase winding of the stator (A Permanent magnet 3-phase AC generator) is connected to the MPEM connector #2, pins 24,25,26 using these three yellow wires to conduct the AC from the winding in the magneto housing to the internal rectifiers built into the MPEM.
Pull this connector #2 off the MPEM and use an ohmmeter set on lowest scale of resistance to measure between any two of the three yellow wires, measure all three. (FWIW. You can even use a power source and a test light to check each of the three conducts to the other two as a rough test but this doesn't tell you exactly the resistance.)
Also measure any of the three or all three if you like, to ground, there should be infinite resistance.
The service manual has a complete troubleshooting section for all three models produced tduring the year, follow the section for the 951, the 787 carbed motor uses the same stator I believe, and you can use the regulator from that ski also if you like. The DI ski and the 4-tec ski have a heavier duty regulator for the additional current and power of the fuel injection so that one can handle anything you throw at it.
There are a few fuses on the MPEM, and a spare or two. 5A is for the MPEM logic controller itself and feeds gauges & ignition, the BATT 15A is the regulator output fuse that goes through the harness to over through the e-box where the ignition coils are and then through another 15A fuse in the ebox (everything is dead if the 15A e-box fuse is blown) on the way to the battery to keep it charged.
So if there's a problem, either the magneto stator is damaged, the 15A BATT fuse on the MPEM is blown, or the regulator quit regulating.
So measure the 3-phase magneto stator windings and see what you get, should be ~ 1 Ohm from any single yellow to it's sister and it's brother yellow wire. There should be complete open to ground for all three (isolated from ground). If magneto stator is shorted to ground, this will blow the MPEM 15A fuse, but if the magneto windings are open there will be no AC power to rectify.
Let's focus on a resistance/conductance measurement on that magneto stator winding and confirm it's good, then go from there.