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In this paper, a new frequency-domain formulation of the partial element equivalent circuit (PEEC) model incorporating the concept of generalized complex partial inductance and pure real capacitance is introduced for modeling of 3-D structures, to which the radiation effect is not negligible. Unlike conventional PEEC-based models, the proposed formulation accounts for the radiation effect by introducing physically meaningful complex-valued inductors and pure real-valued capacitors. In essence, the imaginary part of such an inductor represents a frequency-dependent radiation resistance. Having introduced the complex inductance, there is no inversion of the complex matrix of coefficients of potential, which is not physically meaningful and inevitably creates negative resistance. It is proven in this paper that the imaginary part of the generalized complex inductance for a short dipole exactly reflects the radiation resistance of the dipole. Several numerical examples are given to validate the proposed theory. The results obtained are in good agreement with those from commercial full-wave EM solvers, showing the potential of this technique for analyzing and designing high-frequency and high-speed electronic devices.