96’ GTS cutting out/losing power

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Texaski

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My neighbor has a 96 GTS that was running fine just a couple weeks ago, now it’s losing power within about a minute of riding. It’s reduced to about 1/4 the speed. Doesn’t really sound boggy and doesn’t die, will idle just fine and putt at slow speeds. I checked the battery and it read around 12.4 volts (someone said the regulator or rectifier if the battery tested over 15). I believe the ski was tuned within the last year. Poured some sea foam in incase maybe we had bad gas in there.
 
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