Dave,
There is an error somewhere in your readings. You say that the post reads 122V to 123V with a volt meter and the voltage between the to hot terminals is 253V to 257V. If the power post is only at 122V to 123V, the voltage between the to hot terminals on the post can not be higher than 244V to 246V, so it sounds like you have high voltage at the post, and your meter has an accuracy problem.
Gerald