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What output are you expecting? Sp pd8 is a 6v hub.
Dynohubs are constant current devices. The voltage a hub generates is generally proportional to the speed you're going and also dependent (inversely proportional?) to the resistance of the load it is driving.
A "6V hub" is one that will generate roughly 6V at the bottom of end of normal cycling speeds (assuming it is built into an appropriately sized wheel) and driving a typical lamp. Modern lamps have voltage regulators to protect the lighting from over-voltage, and they throw away the excess power generated as heat. On a near-open circuit (i.e. just the mutlimeter) you can see 50V+ from a 6V dynohub if you give the wheel a good spin.
A "12V hub" will generate 12V at the bottom end of normal cycling speeds, but produce half the current of the "6V" hub.
Lights/etc will be designed to run against one or the other of the systems.
Ah that's cool. Glad that doesn't mean the lights are wrecked then. Thanks for the advice :)
Erm, well I don't really know how to use the multimeter but it's similar to this and the settings it has to read Volts AC are 600 and (edit)200.
My understanding is that you set the multimeter to the next rating up from the output you expect. So in this case I had to set it to 400 and as the hub was stopping, 2.5 flashed up on the readout.
It feels like the hub might be dead if there's nothing when it's rotating at speed...