This book, now in its second edition, presents a comprehensive exposition of the basic principles involved in the analysis and computation of power system transients using a statistical approach. The book deals with probability distribution of switching overvoltages in overhead lines, underground cables, and machine windings. The accuracy of statistical methods for power system transients, including the suitability of Gaussian distribution for these methods, is discussed. In the case of overhead lines, a simplified statistical method for estimating the phase-to-phase risk of insulation failure is explained. The new edition covers the latest research developments in this field. Analysis and modelling of noise as well as prediction of voltage sags in power lines, statistical evaluation of lightning overvoltages, application of ANN algorithm, and use of correlation algorithm for identification of inrush and fault currents in transformers are the major topics presented. Waveshape-based analysis of switching overvoltages and design procedure for insulation coordination are also dealt with in detail. Designed primarily as a text for courses on power systems offered as part of undergraduate and postgraduate programmes in electrical engineering, the book is also highly useful for practising engineers, researchers and academics.