The present work describes the propagation of plane and peak solitary waves in a modified extended nonlinear Schrodinger (MENLS) equation that was earlier shown to govern the dynamics of modulated waves in a discrete nonlinear electrical transmission line (DNLETL). Firstly, the analytic expression for the modulational instability gain is found and the influence of wavenumber and wave amplitude on the gain is derived. It is predicted that they can be used to control the occurrence of modulation instability phenomenon in the network. Afterwards, using the MENLS equation, we show that this model of nonlinear electrical transmission line admits peak solitary wave for physically realistic parameters of the system. Direct numerical simulations are performed on the exact equations of the lattice and the obtained results are in very good agreement with the analytical predictions.