It looks to me like an old SE cable running up the right side, cut. Additionally I can't imagine any utility company ever making thos connections, for several reasons. (a)The wire is not only within the required 3' of clearance, its right in front of an operable window. (b) the "new" SE cable is floating in mid air, with no weatherhead.and lastly the poorly made or not made drip loop. water will rundirectly down the conductors into the jacket of the SE cable, then into this handy, but not legal disconnect.I'm sure I'm missing a bunch more,but those are just the obvios things. additionally I'd be willing to bet this thing is about 6-8' off grade. Hopefully this place burns down(while no one is home) AND REMEMBER, electrical work is easy.....
