Damn.... the second video of that sub-station going up in flames is incredible! Scary stuff.
Some notes on that video:
The failure started as stated on the "low voltage" side of the sub, supposedly with a capicator bank failure;
It was not cleared by the substation's protection relay scheme because a $20.00 fuseholder for the relay failed. (That particular brand/type of fuseholder was found to be a problem at substations all over the U.S.);
The boiling oil being shot out of the pressure reliefs caused the major fireball near the end of the video; (it looks like water but there were no firefighters anywhere near that thing during the arcing fault phase)
The blue flash and loud bang is the transformer's expulsion fuse filally blowing and killing the power.
Now after seeing that video how would you like to live next to a substation?
I have a friend here in So Cali who lives next to one and he tells me the noises coming from the sub as breakers and reclosers operate during an earthquake is the stuff of nightmares.