An analytical theory of a high‐pressure gas discharge between two metal electrodes covered with an insulator is presented. The theory is applicable when the voltage applied to the gap between electrodes only slightly exceeds the breakdown voltage. Analytic expressions for the electric field, electron and ion current densities, as a function of time and space, and an analysis of the stability of the discharge are given. A detailed discussion of the role of metastables in the discharge dynamics is included. The discharge in a plasma display cell is used as an example to demonstrate the utility of the theory. ©1995 American Institute of Physics.