I am struggling with this.
We can get MST using Kruskal\'s algorithm or Prim\'s algorithm for the MST.
And for \"second-best\" MST, I can:
Let V be the vertex set and E be the edge set.
Let T be the MST obtained using any of the standard algorithms.
Let maxEdgeInPath(u,v) be the maximum edge on the unique path in T from vertex u to vertex v.
For each vertex u perform BFS on T. This gives maxEdgeInPath(u,x) for all x belonging to V-u.
Find an edge (x,y) which does not belong to T that minimizes w(x,y) - w(maxEdgeInPath(x,y))
Weight of 2ndMST is W(T) + w(x,y) - maxEdgeInPath(x,y)
This is based on the algorithm provided in this link. I'm not sure if this is correct and I hope someone would add a proof here.
Compexity:
To compute BST for 1 vertex takes O(V+E) = O(V) as E = V-1 in T
Hence overall time complexity is O(V^2)