The incident took place around 1:30 PM at Saboli Colony in Harsh Vihar area, they said.
Kamal Singh Rana died while trying to save his son Prakash Rana who came in contact with the fencing around the BYPL substation, they said.
Kamal, who owned a hardware shop in the area, was reversing his car when he noticed a live wire hanging outside the transformer.
His son Prakash Rana touched the fencing and got electrocuted. In an attempt to save his son, Kamal too got electrocuted.
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In a statement, BYPL said the incident was unfortunate. It said according to preliminary investigations by it, a moving truck had hit the substation, breaking the overhead electricity cables, one of which had fallen on the fencing of the substation.
Around the same time, the boy touched the fencing and got electrocuted, BYPL said.
"Our condolences are with the family. BYPL is lodging a complaint with the police for a proper investigation into the case," it said.