The wavelet transform has been successfully used in the area of power quality analysis. There are many published papers with methods for power quality disturbance classification or harmonics measurement, which use wavelet transform. However, the properties of the wavelet transform can drastically vary from the choice of the wavelet. In this paper we analyze the influence of the choice of the wavelet to the accuracy of the power quality classification method and to high frequency harmonics measurements. Additionally to the well known wavelet filters we introduce near perfect reconstruction filter banks. The simulation results indicate that these filter banks are a good choice for classification of power quality disturbances, especially in the presence of noise and for high frequency harmonics measurements