I inspected my service panel and first I looked at the legend to see if the breakers were labeled correctly. Before taking the cover off, I checked the screws and they were the right screws. The cover was cool and not hot, after removing the cover, found the main service connect was leaking oil-like fluid and insulation around connection was burnt back a little. Other than that, this service panel was in good working condition.
Picture(s)? Conductors don’t “leak.” Probably anti-oxidant paste…
anti oxidant or part of the sheathing melted. Did you check the temperature of the melted wire? the wire could be loose under the lug.