It's I
2 R
You can derive this by substituting the V term in Ohm's law with the V term in the equation for electrical power:
P = V I ; Supplied power
V = I Z ; Ohm's Law (Z is impedance, includes AC components along with DC components)
substituting:
P
loss = I
2 Z ; Power loss due to resistances/impedances
P
loss = V
2 / Z ; (Alternative form)
Therefore, if you want to transmit power over large distances, you can up the AC voltages and lower the AC current (Total power supplied is the same). DC transmission lines can't do this, but depending on your situation (namely distance between power plant, substations, and power sinks/clients) DC can be better suited than AC.
US Lines are actually supplied as 220 - 240 split-phase, which is supplied via two hot wires (180 degrees out of phase to each other) and one common. House and industry wiring inside the breaker box can take the voltage across one hot and the common to get 110 - 120 V
AC, or take the voltage across both hot wires to get the total 220 - 240 V
AC.
Lastly, three-phase supply lines, (mostly industry) is supplied via three hot (120 degrees out of phase of each other) and one common/nuetral lines. These are again 110-120 per hot wire, but can be summed up to 330-360 V
AC for Wye- or Delta-loads. The common line may be used for single phase, or it can be used for Wye-type loads which have each leg connected between one hot and common, while the Delta-loads are connected between two legs. Trying to do a dual-phase off a three-phase supply isn't recommended.
Wye:
A --/\/\/--|
B --/\/\/--|
C --/\/\/--|
n ---------|
Delta:
A --/\/\/-- B
B --/\/\/-- C
C --/\/\/-- A
n -|
=
There's also a limit as to how high you can get the voltages across the transmission lines, since dielectric breakdown of materials (including air) occurs at very high voltages. The human body can withstand an electric flashover so long as whatever electric current that happens to go through the heart isn't above 1mA or so, which is why Nikola Tesla didn't barbeque himself when he was demonstrating his high-voltage shenanigans.
