Q: Our young Siamese cat likes chewing on the electric cables around the house. I've heard about cats that eat wool, is this the same kind of thing?
A: Yes, it is the same sort of problem but much more likely to cause a house fire than wool eating!
Some cats, particularly pedigrees such as Siamese and Burmese, can develop a habit of eating inedible things (referred to as PICA) such as wool, plastic, rubber etc. This is a dangerous habit as chewing cables could electrocute your cat or cause a fire and the consumption of other indigestible material can cause a blockage in the intestines that requires emergency surgery.
This is definitely a job for a cat behaviour counsellor. In the meantime cover all your cables with hard sheaths (recommended for households with indoor rabbits!) and any other cables that cannot be protected in this way should be kept in enclosed cabinets out of reach.
She may grow out of it but I wouldn't take the risk.