We study the shielding performance of shield wires in overhead power lines. We propose a novel chain matrix formulation, that employs longitudinally symmetric transmission-line cells to more efficiently, and correctly, simulate the propagation behaviour over the line accounting for the periodical grounding. The analysis is performed in the frequency domain and results in time domain are obtained through inverse Fourier transform. In the case of direct lightning, we can easily compute overvoltages across insulator strings for insulation coordination purposes.