A normally ungrounded power system for a oil well is provided which includes a power transformer above ground and a pump motor below ground. There is provided a signal system which includes a below ground sensor system and an above ground signal conditioning and monitoring unit where the sensor system utilizes the main power lines for carrying the sensor signals. A connectable high resistance grounding scheme is provided to the aforementioned floating system, so that in the event of a arcing ground fault or similar occurrence the system may be immediately grounded, thus compensating for the effects of the arcing ground fault and providing personnel safety and electrical equipment protection. When the high resistance grounding system is not utilized the aforementioned signals from the sensors are easily carried by the power conductors.