Just had another look and it appears one side of the V shape on the belt is smooth and worn slightly out of shape, the other looks fine. I would guess this points towards one of the 3 pulleys being out of shape. Looking at the alternator pulley, there is some rust and it's a bit narrow in one section. Would it be worth trying to sand/grind this back into shape then replace the belt? If not can the pulley alone be replaced?
Out of interest, what causes the squeal/belt to slip. I understand that the alternator demands more when more electrical items are in use (I turned on lights, heater, rear defroster and radio and the belt squeals when the engine is reved), but what actually makes the belt slip? Does the alternator pulley require more force or something under heavy load?
Thanks
Pedro