Geomagnetically induced currents (GICs) in power systems are conventionally modelled as direct currents, based on their commonly described quasi-DC nature. For more representative power system dynamic response modelling, it is necessary to model GICs using low-frequency AC. After analysing spectra of geomagnetic field measurements and GICs in several power systems, preliminary results indicate that the GIC spectra depend on the magnitude and frequency spectrum of the geomagnetic disturbance, the earth conductivity and the electrical characteristics of the network. In this paper, analysis based on measured GIC power spectra suggests that the dominant frequencies to use in GIC modelling and simulation are typically below 50 mHz. The associated error introduced by only using these frequencies is also quantified. The results have implications for modelling the geoelectric fields inducing GICs, dynamic models of power system response and the need for GICs and their associated driving fields to be measured at intervals not exceeding 10 s.