If you want to operate the conductors maximum capacity, the conductor needs the heat, that the amperage produces, to be dissipated. This is why in the electrical code book there are two amperage ratings. The first one is for a free air rating which allows for a high ampacity of the wire. The other rating is for three conductors in a conduit which confines the cooling capacity and so the ampacity rating of these wires is lowered. The same procedure is used in cable spacings in ladder tray networks.
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To prevent the wire from getting short circuited to ground or even to other wires.
Need to know what size service is going to be installed at the end of the run.
'Bundled' conductors describe a line in which two or more conductors are supported from the same insulator chain. In the UK, 275-kV transmission lines typically use two conductors per line, and 400-kV transmission lines typically use four conductors per line. The purpose of bundling conductors is to spread the electric stress on the conductors (e.g. for four conductors, the same amount of electric flux will be 'shared' between the four conductors, rather than concentrated on the surface of one conductor).
If the three conductors are in a single cable they physically are positioned parallel in relationship to each other. True parallel conductors are combined to split the current. They have to be of equal length and size so that they split the load current between the two or three or four conductors. Conductors are paralleled so that multiple smaller conductors, which are easier to work with, can carry equally the total load current. To answer the question no, the three conductors in a 120/240 circuit are not considered to be in parallel. All three of these conductors could have a different current being carried by them depending on how the load is distributed.
Orchestra conductors are important because they keep all the musician in sync and on time with each other. If you're referring to conductors of electricity, they're important because they let electricity flow.