A system, method, and computer program product is disclosed for performing electrical analysis of a circuit design. A voltage-based approach is described for performing two-stage transient EM-IR drop analysis of an electronic design. A two-stage approach is performed in some embodiments, in which the first stage operates by calculating the voltage at certain interface nodes. In the second stage, simulation is performed to simulate the circuit to concurrently obtain the current at the interface nodes. In some embodiments, multiple adjacent devices as identified as interface devices for purposes of the analysis. One situation where it may be useful to analyze a larger portion of the circuitry in this way where the analysis is being performed on a netlist having a power gate.