Big electric pole and Substation have a limit of 5 connections (Didn't test small and medium poles). So the max is 1 power connection and 4 factories.
If you have 1 Substation connected with a Big electric pole and 4 factories, and then you try to place the 5th factory close to the substation, the substation will disconnect from the Big Electric Pole and none of the factories will have power, because the substation will not have power anymore.
https://imgur.com/cHMaDPt
https://imgur.com/iW3mPbM
If you have 5 factories, and place a Substation (that should get power from a Big Electric pole), the Substation will connect to the 5 factories, but will not connect to the Big Electric pole. In the end the substation and the factories don't get power.
If you have 6 factories, and place a Substation (that should get power from a Big Electric pole). Nothing will have power, and you get the error msg "Max of 5 connection reached." If you try to add more factories you keep getting the error.
https://imgur.com/OcB53Tg
In vanilla this is not a big problem, but if you're playing with mods that have bigger substations or powerpoles, the limit of 4 factories per substation is annoing.