It's a good question. It depends on whether we're observing arc discharge or just combustion. If it's arcing, it could surely have a significant UV component. But I suspect this is burning copper or aluminum. HV transformers are filled with some kind of cooling oil, and I suspect that just has to burn off. If it were totally uncontrolled arcing, I'd guess there would be lots of reports of broadband interference that I haven't come across.