It does sound like AC induction. Is it 54V AC or DC?
When you measure 54 V, where are you connecting the meter's leads?
What is the material of the conduit? If it is metallic conduit, is it bonded to earth or building ground?
Is there a large ground fault current on the building ground?
Place a AC current meter clamp around the entire conduit if it is small enough and see if there is a current on the conduit. If you cannot do that, can you (Carefully, there is a shock hazard!!) break the conduit's ground path and use a ammeter or low-ohm-large-watt resistor to measure the current?
Measure the frequency of the voltages on the wires and look at their waveform. Tell us what the results of the tests are.
What other systems' conduits are in the same chase with the conduit for the generator?
