We use several realistic three-dimensional models of ionospheric currents t
o calculate geomagnetically induced currents (GIC) in the Finnish high-volt
age power system. Of special interest are events during which the magnetic
field changes rapidly and GIC are large. The geoelectric field driving GIC
is determined with the complex image method, which is a fast and accurate t
ool for taking into account induction effects in the Earth. A detailed inve
stigation is made applying a model of a westward traveling surge (WTS). It
is capable of producing magnetic field variations and GIC which are of the
same magnitude as the observed values. However, the WTS model yields too la
rge time derivatives of the magnetic field. A much simpler line current mod
el produces very realistic magnitudes of both the magnetic field and GIC. H
owever, in contrast to WTS, it lacks the realistic spatial structure of the
ground magnetic field. The requirement of accurate models of the Earth's c
onductivity is demonstrated by comparing a resistive and conductive structu
re in connection with a very rapid change of the magnetic field. Considerat
ion of some other typical ionospheric events (Harang's discontinuity, omega
band, pulsation) indicates that these phenomena probably cannot produce ex
tremely large GIC.