Accurate gate-level static timing analysis in the presence of RC loads has become an important problem for modern deep-submicron designs. Non-capacitive loads are usually analyzed using the concept of an effective capacitance, C^eff. Most published algorithms for C^eff, however, require special cell characterization or supplemental information that is not part of standard timing libraries. In this paper we present a novel C^eff algorithm that is strictly compatible with existing timing libraries. It is also fast, easily implemented, and quite accurate - within 3% of transistor-level simulation in our tests. The method is based on approximating a gate by a current source, estimating the delay difference when the gate drives the actual RC load and a reference capacitor, and then converting the delay discrepancy into a C^eff value. Central to carrying out this program is the innovative concept of delay correction transfer function.