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In this paper a general formulation is presented for the time-domain partial element equivalent circuit method in a general dispersive medium. The formulation is based on Debye and Lorentz models where the resulting model is passive. The incorporation of such models into a partial element equivalent circuit solver is described by both convolution techniques and equivalent circuits. The new circuit models can be applied in the frequency as well as the time domain. Numerical examples are given to validate the proposed formulation and to show that the proposed method is accurately capturing the physics of dispersive and lossy dielectrics.