The subject of this paper is the use of the test results of no-load measurements on power transformers for the determination of the maximum tolerable excitation and the induction at rated voltage. An equivalent circuit for the magnetic behavior of a transformer is introduced. With the aid of this equivalent circuit some new formulas for the calculation of the circuit/voltage relationship for operation at higher than rated voltage are given to replace the formula U(%) equals 110 - 5 K**2 used in clause 4. 4 of IEC-publication 76-1 - Power transformers, Part 1: General.