Found culprit. Bad crimped splice. When I cut into butt-splice(500kcm copper), water literally poured out. One end of underground service goes 25' up POCO pole where it connects to there XFR. Apparently rain water has been going down open end of copper wire at XFR, for 5 years and was traveling all way to encapsulated splice in meterbase. Well every time it would freeze, the water would turn to ice and push the crimped connection further & further apart. When I cut into bad splice, POCO side of splice was barely in crimped connection, as if both ends of wire had been slowly pushing apart. We had freezing temps here for a week or so now, and apparently had pushed crimp to breaking point, to where it was barely making connection. I suppose IanR's explanation on splice acting as resistor is why I was reading 208V on that phase underload, 240V without a load. I put new splice in, with water able to drain out of splice. Not quiet sure what else I could have done. POCO said water in there conductors was not uncommon, and over time would go away. Not sure how. Powered up and all readings were back to normal, with & without load, 240V(A to B), 240V(A to C), 240V(C to B). Thanx to all.

Last edited by Up2code; 12/18/09 07:11 PM. Reason: missing info