Power cut that was a close call (4)

I believe the answer is:
phew
'was a close call' is the definition.
I can't tell whether this definition defines the answer.
'power cut' is the wordplay.
'power' becomes 'p' (symbol in physics).
'cut' becomes 'hew' (hew can mean to chop or cut).
'p'+'hew'='PHEW'
'that' acts as a link.
Can you help me to learn more?
(Other definitions for phew that I've seen before include "Expression of relief" , "Good gracious, its hot!" , "Exclamation of relief" , "Recover unharmed" , "What a relief! It's hot!" .)
