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How can a wire be 'hot' and 'grounded' at the same time? Well, that little contradiction usually puzzles everyone the first time they run across it. IMO, it's one of those 'clever engineer tricks' that should never have been allowed, and it's long past time for them to be converted to a proper 3-transformer wye system. ...
This conductor is not both "hot" and "grounded" at the same time. It is a grounded circuit conductor and no different from the grounded circuit conductor in a 120/240 single phase system.
