Am I reading this right? 310.15(B)(2)(a) requires derating for bundled multiconductor cables "not installed in raceways". Does this mean that if I have a 4 foot piece of 4 inch PVC connected to the top of my basement panel, and I route all the branch circuit NM cables through this "nipple", that I do not have to derate the conductors in the cables in the nipple?
