“I read that the water levels in Lake Mead are extremely low. Could that have anything to do with the transformer blowing up/catching fire?”
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I need more info, before I speculate about the cause, source, or component involved in the fire.
Here’s a short recent video (8min28sec) about Lake Mead:
https://www.youtube.com/watch?v=sv9UdXwhjhc
Hover Dam: Pool level has nothing to do with the the transformer (think in terms of heat and age… What surprises me in the photo is water on a oil fire ??? Something doesn’t make sense, don’t know, just saying…