Personally I think you get more direct info from speed. Current won't tell you whether it's acting like a motor or a generator (unless you have voltage probes for a phase reference).
Since you measured speed to begin with I assume you have a strobe available.
There is one factor I forgot to mention which will complicate the analysis whichever method you choose. The behavior of the mechanical loading produced by the fan (bhp) varies widely between radial flow designs and axial flow designs and is quite non-intuitive for axial flow fans. (At 5hp I would say axial flow is more likely although you can tell by looking at the blades. Axial flow looks like a houshold fan. Radial flow looks like a squirrel cage).
See the BHP vs flow curve for an "axial" pump here (3rd graph down)
Axial flow fan act roughly the same as axial flow pump.
When you choke off an axial flow fan, the mechanical load on the motor goes down! When you "help" by reducing backpressure, the mechanical load on the motor goes up!
Some consequences of this surprising behavior:
1- If you take a vane axial designed to run in ducting out of the system and run it without backpressure in the shop you can trip or damage the motor.
2 - we prefer to start radial-flow centrifugal pumps with the discharrge valve closed (and small recirc path) to minimize torque during startup so the motor can start faster (assuming there are not other fluid system considerations). For axial flow pumps, you would in fact prefer to start with discharge wide open to get the motor up to speed faster (assuming there are not other fluid concerns such as water hammer).
This is a little bit counterintuitive but that's the way it is.
So... with the extra confusion that an axial flow fan works MORE when you "help" it by reducing the backpressure, I will summarize some main points:
1 - Speed rather than voltage will give you a less confusing picture of where the motor is operating (will tell you generator or motor and what is the load....current only tells you load but not generator or motor).
2 - Vibration will give you some indication if the fan is at an operating point that it doesn't like.
Since you have a non-vfd motor <30hp, I'm pretty sure that overloading the machine in generator mode would be a concern long before you have to worry about overspeed (doesn't occur until at least 125% for these motors).
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