Naturally there would be no difference if the utility installed the conduit, and therefore owned it. They could tap in at will.What makes you believe there would be any difference between running overhead or below ground?
What I am proposing is what I did; that the OP install and own the conduit. I paid a contractor to install the conduit at my expense, and therefore I own the conduit and it cannot be cut into without my permission, despite it being in a utility easement. The transformer pad is on my property, and I wrote the utility easement on my property so it only allows access by the utility to service my property. Although the wire in my conduit and the transformer are owned by the utility, I paid for them to install it, and they cannot cut into my conduit to access the cable. I did not provide manholes or taps for the neighbors to connect, and they did not require that I do so when granting the utility an easement, nor did they require the utility to provide them service from my installation.
There is another way to do an underground service called "primary metering", in which the utility puts a meter on the primary service at the last pole, and the homeowner purchases, and owns, the entire underground service including the transformer. Such an installation would remove any questions of ownership that might be seen in the previous method, but the homeowner would be responsable for any problems with the cable or transformer, since he would own them. I didn't go that way, and it's a good thing since a lightning strike fried the transformer, which would have cost me several thousand dollars.
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