That raceway needs to be bonded to that Grounding Electrode Conductor (EGC) at both ends. The EGC is that green insulated wire that is connected to the Driven Rod Grounding Electrode in that second photograph. The conduit would appear to be just the physical protection for the EGC. Unless that conduit is aluminum or some other non ferrous material it has to be bonded to the EGC, that passes through it, at both ends of the conduit using a fitting which is listed for that purpose. Some Authorities Having Jurisdiction (AHJ) will accept a change over fitting for Non Metallic cable clamped down on a stripped portion of the conductor but many will require the use of listed bonding fittings to make the needed connection.
As I understand it the requirement is to prevent the ferrous metal conduit from acting as a choke and impeding the flow of current to the grounding electrode during a lightning discharge or a high voltage line falling on the conductors which supply the Service Drop or lateral. It is the combined parallel pathways through the Grounding Electrode Conductors of all the premises served by the by the lines that are crossed with a high voltage line that will draw enough current to open the protective device for the high voltage line. In order to do that all of the Grounding Electrode Conductors must meet the NEC requirements so as to be able to carry enough current to open the High voltage circuits protective device.
Ok thanks a lot Tom, it was rusty so I wasn't sure whether to replace it or not.
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