I agree with NJ, this looks like it was originally an overhead service and has been converted to an underground service.
If you look just under the under the weather head on the right you can see a metal strap that had been the point of attachment for the overhead drop.
This is one of the better looking ones posted on ECN. Many are much uglier than above.
[This message has been edited by iwire (edited 08-12-2006).]
Construction & Maintenance Electrician