I know of one installation where a 2W 1Ø 120V service to a dwelling, the Water Grounding Electrode Conductor (GEC) carried 2/3rds of the Grounded conductor current, ie. the grounded conductor between the Main Switch and the Utility Transformer across the street read about 8 Amps and the ungrounded Conductor read about 24 Amps and the Water GEC read about 16 Amps.

There was 8 Services off of the Transformer and this unit was the only 2W Service drop.

Even after a 3W service was installed, the water GEC still carried about 2/3 of the neutral current ( determined by turning "off" all of L1 then 'in turn' turning "off" all of L2 CB's) and reading the ungrounded conductor ampeage vs the grounded conductor amperage.

Do not know status of the other services on that transformer.

The City choose not to do a follow-up on why.