AN ACR ATR72 FLC REJECT THEIR TKOF TWICE WHEN A GENERATOR WARNING LIGHT ILLUMINATED. THE REJECT FOR THIS PROB WAS NOT REQUIRED; APPARENTLY; BUT THE WX CONDITIONS CREATED A GREATER SENSE OF CAUTION IN THE CAPT.

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ON TKOF ROLL APPROX 85 KTS I NOTICED MY PANEL LIGHT FLICKER; THEN CAUGHT AN AMBER ACW LIGHT ON THE OVERHEAD PANEL AND ABORTED TKOF. UPON CLRING RWY I CONSULTED CHKLIST AND RESET ACW GENERATOR WHICH WORKED NORMALLY; EVEN CARRYING LOAD WHEN OTHER SIDE GENERATOR WAS TURNED OFF AND ANTI-ICE WAS SELECTED ON. WE THEN ATTEMPTED TKOF AND AT 85 KTS EXPERIENCED SAME PROB. THIS ITEM IS INHIBITED DURING TKOF FROM GIVING A MASTER CAUTION WHICH WOULD NORMALLY CALL FOR AN ABORT. I CHOSE TO ABORT ALTHOUGH NOT TECHNICALLY NECESSARY SINCE WE WOULD BE ENTERING ICING IMMEDIATELY AFTER TKOF AND WOULD HAVE TO RETURN WITH THE GENERATOR INOP. AFTER THE SECOND ABORT I MADE A MAINT ENTRY AND RETURNED TO THE GATE. AFTER ALL WAS OVER MY FO INFORMED ME THAT HE FELT I HAD VIOLATED FARS BY ATTEMPTING THE SECOND TKOF. WE CHKED OUR OPS AND FLT MANUALS BUT COULD FIND NOTHING TO VERIFY THIS. IF THIS WAS A VIOLATION IT WAS CAUSED BY THE FACT THAT 50% OF ALL ATR WARNINGS AND CAUTIONS ARE INCORRECT AND THAT WE CONSTANTLY LOSE COMPONENTS THAT COME BACK AFTER CYCLING ON AND OFF.