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Transformer models for system studies derived without taking into account the frequency dependency of its magnetizing branch are not adequate for representing the transformer performance over a wide range of frequencies and operating conditions. This paper describes a procedure for taking into account the frequency dependent characteristics of the transformer based on an analysis of the electromagnetic field distribution within the laminations of the transformer core. A one dimension linear diffusion problem is analyzed. A simple linear equivalent circuit of the Norton type is synthetized. This circuit is an exact representation of the transformer at any frequency and for any type of excitation.