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A new algorithm for fault location in transmission lines, with fault distance calculation based on steady-state measured phasors in local terminal is presented. For the postfault, only voltage phasors are required, avoiding possible errors due to current transformer saturation; the current phasors are required only in prefault time, when saturation does not occur. The algorithm does not use simplifying hypothesis but requires system equivalent data at both line terminals and the fault classification, considering fault resistance purely resistive. In order to verify the algorithm performance, a parametric analysis of variables that influences short-circuit conditions is developed, including an analysis of remote equivalent setting. The results show that the algorithm is very accurate, even in cases when the remote equivalent is not well fitted.