I’m not familiar with your local by-laws, but it’s a pretty safe bet that you’re obliged to report the branches touching the wires so that the electricity co. can come and remove them.
True, except that your average extension cord hasn’t been exposed to the elements for decades at a time, and doesn’t have a 100 or 200 ampere capacity. 
Current capability does not matter when it comes to electrocution risk[sup]1,2[/sup]. A regular ‘ol 120 VAC receptacle on your front porch is just as lethal as the secondary of the transformer sitting up on the pole; no more, no less. (The voltage is the same. The load impedance is the same. Thus the current is the same. And it only takes less than 100 mA to fry you.)
You also mentioned the condition of the insulation, and I agree with you on this point. I also mentioned this in my posts.
[sup]1[/sup] [sub]This assumes a single “hot” to “earth ground” electrocution scenario, which is responsible for 99% of electrocutions.[/sub]
[sup]2[/sup] [sub]Well, it does need to be able to source at least 50 mA or so.[/sub]
Well, yes, I realize that. Hence the