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This paper presents the equivalent conductor representation of AC electric railway systems. Since the fault current flows through the catenary system, the catenary system must be modeled exactly to analyze fault current magnitude and fault location. In this paper, the equivalent conductor modeling technique that includes boost wires and impedance bonds is introduced, based on the characteristics of AC electric railway. After obtaining the equivalent conductor modeling, the railway system is constructed for computer simulation by using PSCAD/EMTDC. Studies for fault current are carried out by the proposed model.