I guess it all depends on the impedance of the fault path, and how much current will flow during an either high or low impedance fault.
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Originally posted by Tom: Redsy,
On faults in the 100's of amps range the conduit only carries about 20% of the fault current if there is an equipment grounding conductor inside the conduit. When faults reach the range of 10,000+ amps, it appears to be about 50/50. My source is "Soares Book on Grounding" table 11-1 on pg 156(latest edition).