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My understanding of dielectric grease is it is a conductor, also according to the tech support guys of an engine manufacturer I deal with dielectric grease is hydroscopic.
This particular engine mfg was using dielectric grease inside electrical connectors used in an off road application and it was absorbing water causing corrosion inside the connectors and giving the computer fits. Now they recommend waterproof grease in this particular application. It does not retain water, but does not promote conductivity.
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