Graphite consists of carbon atoms arranged in layers, where each carbon atom is bonded to three other carbon atoms via \( \sigma \) bonds. This leaves one electron per carbon atom in the \( \pi \)-orbital, which is delocalized over the entire layer. These delocalized \( \pi \)-electrons are free to move within the layers, allowing graphite to conduct electricity effectively.
Final Answer: Graphite is a good conductor of electricity because it has a \( \mathbf{\text{delocalized } \pi \text{ electron system}} \), which corresponds to option \( \mathbf{(2)} \).