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Analysis of harmonic and interharmonic phasors is a promising smart grid measurement and diagnostic tool. This creates the need to deal with multiple phasor components having different amplitudes, including interharmonics with unknown frequency locations. The Compressive Sensing Taylor-Fourier Multifrequency (CSTFM) algorithm provides very accurate results under demanding test conditions, but is computationally demanding. In this paper we present a novel frequency search criterion with significantly improved effectiveness, resulting in a very efficient revised CSTFM algorithm