This paper describes an analytical model of the generation of noise by turbulence modulation of the background charge distribution in electromagnetic flowmeters working with dielectric liquids. The model is tested for the highly insulating oil BP180 in cases with different flow speeds and electrode lengths, and the results show good agreement with the available experimental data. Comparison of experimental results of filtered and unfiltered oil shows that turbulence modulation of the background charge is responsible for the generation of noise in the filtered case, and that other source of noise is present in the unfiltered case. This model is therefore valid for clean fluids, and can be used to study the characteristics of the noise spectrum of a particular meter design under this condition.