Can't say I've seen red conduit before or is that the cable sheathing going into the side of the transformer?.
It's cable sheathing, I think the colour is designed to warn people that 'this is not a water pipe' as many old PVC water pipes in the UK are black, and look scarily similar to HV cable, it's caused accidents more than once. I first saw this colour of sheathing in 1989 at school when they ran the overhead lines underground, although I'm not sure of the cable construction underneath.
Looks like somone has left thier breeches on the barbed wire
that would be amusing, but it's only a plastic grocery bag, from the store right next door.
With regard to the fence, yes I would have thought it would make more sense to make it outward leaning, the only explanation I can come up with is that the fence is right at the property line, they may not have been allowed to make it overhang city land.
Apologies for the picture quality, my camera isn't exactly 'modern', 640x480 is all it does.
When I go to get more pics, I'll try to get the other side of the sub, which will show how surprisingly large the place is for a city area in the UK where land prices are ridiculous.