I Agree with Mike on this one. AC current doesn't do much with corrosion although Direct Current does. (Look at the battery cables on your car battery).
I live in Montana and there was a similiar situation here about 5 years ago. the conclusion was that electrical Current was responsible for the pin holes, but it was the result of the AC Current being rectified somewhat through certain minerals present in the soil (Silica, Mica, and Iron).
There was a lot of arguement about this, but it was the words of an Electrical Engineer that came to that conclusion. Down the street, there wasn't a problem because the mineral content wasn't present. Claude Fuller
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