Been wondering about the 120 VAC also!!!
Have to get this figured out so I can sleep at night!
[i.e.: laying awake running different scenarios thru my mind].
Since the Water Meter is still connected, this does not equate to the "Commonly" occuring shock related to an Open Grounded Neutral Conductor at the service.
This would result in a potential of 120 VAC (+/-) measured between the Input and Output sides of the Water Main (where the Meter goes), with the meter removed.
Sounds like possibly could be one or more of the following:
<OL TYPE=A>
[*]Non-Metallic section of pipe on City's Input side of meter, and this Electrical Service has open grounded neutral connection at the service, or re-ground bonded neutral(s) on load side of service,
or
[*]Non-Metallic section of pipe on the output side of all meters - except one - and the one with complete metallic pipe has open Gr. Cond. at service,
or
[*]Finding 120 VAC with open Gr. Cond. at service because water lines are not bonded to GES,
or
[*]Once again, need to call an exorcist!!!
</OL>
<Personal Rantings>
Situations like this are why I dislike using a multi connected C.W. Grounding Electrode, but would prefer isolating the C.W. lines from the City's main with a Non-Metallic pipe section and just bond the metallic water pipes
</Personal Rantings>
As said before by members, a Water Well is one heck of a kick-a** Grounding Electrode.
Combine a Ufer type Electrode with a Water Well, and you have a solid Grounding System which would help out alot with Lightning Discharges, plus isolate the System from problems created by / on a multi connected grounding electrode scheme, and / or brought in from distant areas.
[lightning comes to mind again].
Just some eccentric thinking again!
Scott s.e.t.