A shock wave catheter system and method produces a shock wave with reduced energy. The system includes a catheter and a power source. The catheter has an elongated carrier and a balloon about the carrier in sealed relation thereto. The balloon is arranged to receive a fluid therein that inflates the balloon. The catheter further includes an arc generator including at least two electrodes within the balloon. The power source is coupled to the at least two electrodes and is configured to grow a bubble at one of the at least two electrodes and then thereafter to rapidly expand the bubble to form a shock wave within the balloon.
