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Natural frequencies and surge response of the windings of 3-phase transformers have been determined in the past by neglecting the capacitive and inductive couplings between the phase windings. This paper shows that these assumptions are not valid and presents a new method of formulating equivalent networks of 3-phase transformer windings for the various winding connections and terminal conditions. By utilizing these equivalent networks the natural frequencies and surge response of the windings can be determined. Tests made on a model transformer showed good correlation with calculated results.