That'll happen when it's close enough to you eh?
Sometimes i'll see a flash and almost instantly a loud bang/"explodey" noise- i think that's either a transformer blowing (don't know if that really happens), a cutout/fuse blowing open along a power line, or a lightening arrestor blowing up.
I was out digging for bottles in the derecho last year and a transformer or something blew near me... that was LOUD.
Oh the transformers can surely blow up. Normally when it happens, it's a very loud boom, with a flash of bright purple-ish light, and a lot of smoke shortly after. Couple that with the unmistakable smell of ozone, and you more or less have my senior college labs.