Hint: Dedicated leak space
See Answer Below
I don’t want to be anywhere near this panelboard if the coupling on the drainpipe located directly above the panel ever fails. It will get ugly in a hurry. Locating a panelboard directly beneath the drain or other piping systems is a violation of Sec. 110.26(E). For indoor installations, Sec. 110.26(E)(1)(a) requires the space directly above the panelboard to be kept clear of piping or other foreign systems for a height of 6 ft or to the structural ceiling, whichever is lower. This “dedicated space” zone also extends down to the floor. This “dedicated space” is for the electrical equipment only. Except for suspended ceiling systems, other piping, ductwork, leak protection equipment or equipment foreign to the electrical system may be placed in this zone. The space above the 6-ft height is permitted to contain foreign systems, but protection must be provided to avoid damage to the electrical equipment from any leaks or breaks in those foreign systems. The drainpipe in this photo is only 2 ft above the panelboard and there is no leak protection provided.