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The paper proposes an analytical method for voltage sags prediction in HV networks. The method is based on the Z-bus matrix of the net, from which one can immediately build a second matrix, that can be called the "voltage sags matrix" because it compactly provides valuable information about voltage sags throughout the net. The method allows an accurate and easy drawing of the exposed areas relevant to any given location using the Z-bus matrix building algorithm. Application to the IEEE 24-bus reliability test net and comparison with the different available methods point out the significant advantages of the proposed method.