Close shave with new electrical procedure (4,5)
I believe the answer is:
near thing
'close shave' is the definition.
(I've seen this before)
'with new electrical procedure' is the wordplay.
'with' is a charade indicator (letters next to each other).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'electrical procedure' becomes 'earthing' (as in earthing cables).
'n'+'earthing' is 'NEAR THING'.
(Other definitions for near thing that I've seen before include "Knife-edge event" , "Almost a nasty incident" , "Narrow escape, close shave" , "Lucky escape" , "Something that barely avoids failure or disaster" .)