It's an Earth Bar (or TV aerial as they were dubbed on WCRM).
The idea is that if the ATF wire parts, it falls onto it and drops the breakers before it hits the S&T cabinet in-span. In west coast days it was due to doubts (correctly so it turns out) as to the earthing integrity of the S&T equipment. They *should* only be needed on spans where location cases are in the fall zone of the ATF.
With a S&T setup that can be proved to be properly bonded they shouldn't be needed.
The "spikes" are supposed to stop birds roosting and causing nuisance trippings, and there's also a school of thought that says they can "catch" the wire as well, which is why a crosby clip is allocated to be fitted on the ATF wire, to snag on the spikes.
In reality, having seen what happens when a wire break happens, I suspect the wire will actually go along-track rather more rapidly than it falls, and completely miss the earth bar.
The one in the photo is the wrong way up, probably to aid installing the AF wire on the insulators without getting spiked in the process.
Thanks, I was half-way there!
there is a 3 mile stretch of them north of Stafford, on every mast, I wonder what that is all about.