In this series of papers, AC induced corrosion of steel pipe under cathodic protection was investigated. In this Part III, the most realistic model was devised, i.e., the cathodic current was composed of the reductions of dissolved oxygen partly controlled by diffusion and of the water following the Tafel law. The cathodic protection potential necessary to mitigate the corrosion for various AC amplitudes were evaluated. In this modeling approach, no change of soil properties due to AC corrosion is considered.