Looks like a bit of asbestos insulation drooping down there. With all the hazards involved I gotta wonder if you guys wear any safety gear when you go into locations such as this. I'd personally want a hard hat, gloves and a respirator of some kind with all the peeling (presumably lead) paint, jagged rust and deteriorating insulation around.

No doubt either a motor or generator (more than likely a generator, as this was a power station). Whoever stripped it no doubt got a fortune in copper for their efforts.