The cables, which are #2SEU are enclosed for mechanical protection and they feed up into the poco side #1, it looks like it was a sleeve that lost it's locknut and fell. We don't know anymore about this photo show they show just enough. Besides it all painted but that happens all the time, it could nipple through to its load but I agree now more with the guy who said they used line and load 100 amp cable together, the conduit fell. The poco does require a 200 amp meter on UG services, (at least here). Yea, its line in, line out using poco entry.