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That's usually the value that matters. At lower voltages, the (calculated) inductance is normally higher, because of the nonlinearity of the B-H curve. But the small-signal inductance (as measured by an 'inductance meter' is likely to be lower, for the same reason. The core permeability is lower at very low currents.

The only reliable method? is to measure the magnetising current at the rated (primary) voltage.

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John Woodgate
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