JPPE has it summed up well, I was just surprised when you posted the picture, I've put in a lot of duct banks, and service poles, for buidings and other structures and this one cause some safety bells to ring. Yeah, Joe, usually a little water in a manhole, or pull station, but that has to be a good bit of water. I don't doubt that the company was surprised, it ain't supposed to be this way. It there was any type of nick or scrape in the insulation or a bad splice (illegal anyway, in the conduit) things would stop with a "bang"

Anywho, hope you enjoyed your ride.