—This paper proposes an analytical study which aims at evaluating the received power statistics in DS-CDMA cellular systems which use a closed-loop power control scheme to compensate for fast multipath fading. The effects of a limited transmission power at the mobile terminals have been also investigated. This study is based on a first order Taylor expansion of the fast fading fluctuations. The accuracy of the obtained results has been verified through computer simulations. Classical frequency-selective channel models have been taken into account which involve the use of a diversity RAKE receiver at the base station. Finally, the system capacity is evaluated under different environmental conditions.