AbstractWe investigated National Lightning Detection Network reports and lightning radio waveforms in a 44 day observation period to analyze the in‐cloud (IC) events producing currents above 200 kA. The results show that there are two distinct classes of IC lightning events with very high peak currents: the well‐known narrow bipolar events, and a previously unreported type that we call energetic in‐cloud pulses (EIPs). Their temporal and spatial context shows that EIPs are generated from existing negative polarity leaders that are propagating usually upward but sometimes downward. The nearly identical characteristics of EIPs and some previously reported terrestrial gamma ray flashes (TGFs) indicate a likely connection between the two, which further suggests the possibility of downward directed TGFs. These very high peak current IC events also suggest the association of EIPs with ionospheric perturbations and optical emissions known as elves.