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A capacitor formed of fluid-impregnated paper metalized on one side and a polymer film results in a relaxation peak caused by the much more rapid polarization of the dielectric fluid impregnated paper relative to the polymer film. This results in the capacitance being a function of frequency, with a substantial increase in capacitance at very low frequencies. A theory for such a capacitor is developed and compared with measurements on actual capacitors with relatively good agreement. The implications of the theory for discharge current and discharge efficiency are discussed.