Zero volts difference in projection magnitudes - but non-zero IZ drop (usually seen with leading power factor loads).
Not talking about the Ferrari effect, since that is more specific to long transmission line applications.
If I get some time, I can put a derivation and example together. They key thing here is capacitive load or not, the IZ drop is NOT the same thing as the voltage drop (projection) when determining the difference between sending and receiving end voltage. Most people calculate IZ, IR or IX drop without knowing this result is almost always much larger than than its projection (the actual voltage drop). IZ, IR or IX is a simplistic overly conservative approach.
To think about it correctly, the cable and load power factors should be considered. Refer to NEC Chapter 9, Table 9, Ze formula in the last sentence of Note 2 (for power factors other than 0.85).
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