You tested it for continuity AND for vdc, right? Even with the engine off, key on, you should get a reading around 12vdc (maybe .5 less). With engine on, the reading should be around 14vdc.

First, test the obvious: make sure your connectors and contacts are free of corrosion or foreign matter. I recently experienced this with one of my factory foglights - corrosion, even a tiny amount - creates resistance which 1) saps power, 2) produces heat, 3) accelerates the corosion process, and 4) disfugures the connectors. I wound up replacing my connectors and sockets, and rebuilding the last 6 inches of the wiring harness. (Thanks, n0v8t0r!)

IF you're getting continuity through the bulb, but only .2vdc across the contacts, you should test whether you actually have a power loss en route to the lamp or perhaps a bad ground. Have you tried jumping the contacts to test these possibilities? (Get some clips and wire at Radio Shack so you can connect the lights directly to a fused power source, and directly to ground? One of my jumper pairs has an inline fuse holder, which you can also pick up at Radio Shack; with the inline fuse, I can get the power directly from the battery. I built this set a few years ago when I had some similar problems on my 745T.)
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(98 S70 T5SE misc mods, mostly lighting) (92 940GLE)