We had a power company transformer that fed our shop burn thru. We didn't have any warning, but had enough voltage to arc & burn thru conduit in places. I was closing up & in the head. I heard humming that I thought was the bath fan at first, since the pole was outside that wall. When I ran towards the box I could hear the hum was bigger than the bath fan, so I (Stupidly, I realized later) pulled the disconnect. The hum continued & I got out of the building to see smoke coming out of the weatherhead. I called the FD & pulled our trucks & forklifts out of the other side of the building, figuring gas & propane would make whatever was coming next worse. Eventually a fuse burned thru & the t-former quit. They showed us the fuse remains, & it looked like a 1" diameter bolt that was gone in the center.
The power company guys said as the t-former burned thru, we got fed some portion of the 17,000 volts that it normally reduced to 440 volts. And I was lucky to not have been fried grabbing that switch. We found the burned thru conduit later.
Bottom line is that I don't know what your problem is. But if there are windings that are burning thru in a t-former you can get an increase in voltage. And if that is the case it can get much higher in a hurry. I wouldn't hesitate to call the power company if the lines coming in read wrong.