  We analyze the high-resolution X-ray spectrum of the Seyfert 1 galaxy NGC
5548, for the full 0.1-10 keV band, using improved calibration results of the
Chandra-LETGS instrument. The warm absorber consists of at least three
ionization components, namely one with a low, medium and high ionization
parameter. The X-ray absorbing material, from an outflowing wind, covers the
full range of velocity components found from UV absorption lines. The presence
of redshifted emission components for the strongest blue-shifted resonance
absorption lines indicate that the absorber is located at a distance larger
than the edge of the accretion disk. We derive an upper limit to the edge of
the accretion disk of 1 light year. Absorption lines from ions of at least ten
chemical elements have been detected, and in general for these elements there
are no strong deviations from solar abundances. The narrow emission lines from
the O VII and Ne IX forbidden and intercombination lines probably originate
from much larger distances to the black hole. We find evidence for weak
relativistically broadened oxygen and nitrogen emission lines from the inner
parts of the accretion disk, but at a much smaller flux level than those
observed in some other active galactic nuclei. In addition, there is a broad,
non-relativistic C VI Ly alpha emission line that is consistent with emission
lines from the inner part of the optical/UV broad line region.
