I don't agree that a raceway, in and of itself, is an adequate equipment ground for every purpose. It still must meet 250.4(A)(5), as indicated in the note to table 250.122. If your circuit length is such that voltage drop is an issue, than the length of the raceway and it's impedance may be an issue as well. With this said, I don't think including the raceway in the equation is valid.
EDIT for clarity: What I mean by referencing the note in table 250.122, is that following 250.118 and 250.122 doesn't automatically grant compliance with 250.4.
Just out of curiousity though, could you post the parameters of the circuit? Length, size of wire, size of pipe, size of breaker?
[This message has been edited by Ryan_J (edited 04-21-2005).]
