Answer for USA, Canada and countries running a 60 Hz supply service.
500 mcm wire is a stranded wire with the equivalent of 500,000 circular mils in cross-sectional area.
A circular mil is a circle with a diameter of 1 mil, or 1/1000th of an inch.
500 kcmil means the same thing.
In common practice this size conductor is capable of handling 400 amps.
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As always, if you are in doubt about what to do, the best advice anyone should give you is to call a licensed electrician to advise what work is needed.
Before you do any work yourself,
on electrical circuits, equipment or appliances,
always use a test meter to ensure the circuit is, in fact, de-energized.
IF YOU ARE NOT ALREADY SURE YOU CAN DO THIS JOB
SAFELY AND COMPETENTLY
REFER THIS WORK TO QUALIFIED PROFESSIONALS.
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A 350 MCM copper conductor with an insulation rating of 90 degree C is rated at 350 amps.
600amps
500 mcm (or 500kcmil) conductors are used for 400 amp 480v single phase or 3 phase systems. The wire AND THE TERMINALS must be rated for 90o Celsius.
A 750 MCM copper conductor with an insulation factor of 90 degrees C is rated at 500 amps.
A 500 MCM wire with an insulation factor of 90 degrees C is rated at 430. Most 400 amp services will use parallel wires on each leg to feed the circuit. A 3/0 wire with an insulation factor of 75 and 90 degrees C is rated at 200 and 225 amps respectively. The insulation rating of these conductors will be 600 volts.