Abstract: The arrester includes a valve section made up of high current-voltage characteristic exponent metal oxide varistor valve blocks having a relatively high capacitance and a series gap section made up of simple gap units, the gap section carrying less than about one fifth of the total arrester voltage during a discharge. The valve blocks of the valve section are each provided with a parallel-connected bleeder resistor to adjust the time constant of the valve section so that the faces of the valve blocks are returned to a common potential within a time interval of between about one and about two milliseconds for allowing sufficient deionization of arc gases without degrading multiple lightning surge performance.