My uncle had a 'water powered' meter pan similar to this one. Water was running into his house and main panel. The breakers and entire panel were slowly rusting away. He was smart and called a sparky to have it fixed correctly. New panel and new entrance with proper fittings and weep holes to help prevent future issues.

So is the water just runoff from above getting into the open hole in the top or is there more fun stuff happening here. Obvious violation of Article 110.Stupid.12(A).
Are there any fastners holding this pan to the wall/board or is it standing on the conduit.

RSlater,
RSmike