The paper deals with the sensitivity analysis of the transient impedance of the horizontal grounding electrode. Simple and efficient direct time domain analytical solution for the calculation of transient impedance derived from the Generalized Telegrapher’s Equation for spatial distribution of the scattered voltage in the frequency domain is used as a deterministic model. Stochastic collocation method is subsequently applied by taking into account extensive list of various random parameters (electrode length and depth, soil resistivity and permittivity, lightning pulse parameters) having effect on the efficiency of the grounding electrode. Sensitivity analysis is performed to determine the influence of each variable as well as the combination of variables on the transient impedance.