The dynamic characteristics of molten carbonate fuel-cell power-generation systems under load-following modes have been investigated using dynamic simulation. The system model is comprised of connected network of 12 types of component models, which emulates the process flow diagram. The system model has been run throughout the entire load range under steady-state conditions, and the overall system efficiency is shown. The system load-following capability and the dynamic interactions between the components have been illustrated under various transient conditions.