That arc is just being powered by the energy stored in a power line inductive compensator ( for the line capacitance).
The switch was supposed to be opened cold, as a subsequent switching operation after a sulfur-hexafloride switch does the actual interruption.
Had it been carrying a real load, most of the metal in the area would be missing.
That's been bouncing around on the web for a long time, the actual source site has a lot more that are even more spectacular. I found it over two years ago.
at arcfault.org and several other sites, including one with an electromagnetic can smasher (and other interesting stuff)
http://members.tripod.com
Here's another H**y S**t (not electrical) you need to see!!!
http://www.youtube.com/watch?v=DDfZdfeJ1nc&mode=related&search=