This paper proposes a cyclostationary based approach to power analysis carried out for electric circuits under arbitrary periodic excitation. Instantaneous power is considered to be a particular case of the two-dimensional cross correlation function (CCF) of the voltage across, and current through, an element in the electric circuit. The cyclostationary notation is used for deriving the frequency domain counterpart of CCF—voltage–current cross spectrum correlation function (CSCF). Not only does the latter exhibit the complete representation of voltage–current interaction in the element, but it can be systematically exploited for evaluating all commonly used power measures, including instantaneous power, in the form of Fourier series expansion. Simulation examples, which are given for the parallel resonant circuit excited by the periodic currents expressed as a finite sum of sinusoids and periodic train of pulses with distorted edges, numerically illustrate the components of voltage–current CSCF and the characteristics derived from it. In addition, the generalization of Tellegen’s theorem, suggested in the paper, leads to the immediate formulation of the power conservation law for each CSCF component separately.