Why on Earth are the utility companies exempt from following the N.E.C.??I recently responded to an emergency call at a local bank where the Manager said there was SMOKE coming from the CT cabinet,and when it was finally opened,it revealed not SMOKE,but STEAM.Why steam you ask?Because outside under the sidewalk where the underground splice vault housing the secondary lines from the underground transformer was located,the darn thing had 12" of water pooling up in it.The "bug" splices were for the most part elevated on insulated racks...except one,and this was literally submerged in the water,causing the water to literally boil.The fault was not sufficient enough to open the safety fuse..so it kept on "burning"and vaporizing the water around it.The service tap was a 2/0 copper line and the THHN jacket was melted off up to about 10" from the "bug" splice.I think something should be done and that "they" should adhere to OUR Code system..