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An approach to line protection that is based on fault characteristics extracted by means of wavelet transforms is presented. Analysis of the spectral energy of the phase voltage signals for different frequency bands enables faults to be detected, classified and faulted phases selected. The proposed approach points to the development of ultra-high-speed protective relaying and has been applied to a series-compensated line. The system has been simulated with MICROTRAN and the protection with MATLAB. The results show the feasibility of implementing this algorithm.