A magneto-optical sensor, using a dual quadrature polarimetric processing scheme, was evaluated for current metering and protection applications in high voltage lines. Sensor calibration and resolution were obtained in different operational conditions using illumination in the 1550-nm band. Results obtained indicated the feasibility of interrogating such sensor via the optical ground wire (OPGW) link installed in standard high power grids. The polarimetric bulk optical current sensor also was theoretically studied, and the effects of different sources of error considering practical deployment were evaluated. In particular, the interference from external magnetic fields in a tree-phase system was analyzed.