I found some cost estimates: "The estimated cost for constructing underground transmission lines ranges from 4 to 14 times more expensive than overhead lines of the same voltage and same distance. A typical new 69 kV overhead single-circuit transmission line costs approximately $285,000 per mile as opposed to $1.5 million per mile for a new 69 kV underground line (without the terminals). A new 138 kV overhead line costs approximately $390,000 per mile as opposed to $2 million per mile for underground (without the terminals)." (2, page 17) Also, diagnosing and correcting faults is much easier above the ground than under, and you'd be surprised how often jackasses with backhoes take out underground infrastructure.
[1] https://en.wikipedia.org/wiki/Characteristic_impedance
[2] https://psc.wi.gov/Documents/Under%20Ground%20Transmission.p...
Source: Worked as a phone technician a while ago, climbed in these poles for a living. I hated climbing in "service poles" (individual poles not connected to the steel cable, used in cases where a house is far from the street), they'd wobble like crazy.
(Also, residential three phase power is fairly common except for the brits).
Wood rots and breaks. Burial has flood issues. The solution is to install better poles.
Most commonly, the poles are concrete with a square cross-section. Some are round concrete, spun while hardening to allow a hollow interior. Some are galvanized steel, with perhaps a decagonal cross section.
One near my house is about 2 feet thick, with a label that says 50,000 pounds.
These are not fragile. :-)
http://www.elp.com/articles/powergrid_international/print/vo...
At the micro scale: Toronto Hydro had to start a campaign of replacing its handwells or spraying then with an insulating coating because children and pets were getting shocked.
https://www.torontohydro.com/sites/electricsystem/Documents/...
At the macro scale:
Mmoke from vault fire: Nearby building closed for 6 months for decontamination
http://www.cbc.ca/news/canada/toronto/rbc-hydro-vault-fire-t...