Yes, you are right about the no load condition when I'm testing with a voltmeter. However, when the battery is charged with the supplied small trickle charger for a day or longer, the max. reading I get on the readout is 11.2V. I also have a Hobbico Accu Cycle "Pro Series Plus" which I use to charge and/or cycle my batteries. It just seems like a very short time passes before the TX reading is down in the lower 9's.....only 3 or 4 10 min. flights. I might add that on that wall charger, I've put resistors in the leads for the TX and the RX, so it won't over-charge the battery if it's left connected for a considerable time as these cheap-o chargers are prone to do. It's been suggested to me to splice into the battey leads with an additional pair with which to check the voltage. That way I can check the battery under load with an outside voltmeter.