This paper presents the modeling, simulation and analysis of the dynamic behavior of a fictitious 2x320 MW variable speed pump-turbine power plant including hydraulic system, electrical installations, rotating inertias and control systems. First, the modeling of hydraulic and electrical components of the power plant is presented. Then, the possible control strategies and the related block diagram are presented. The dynamic performances of the different control strategies are compared by the simulation of change of active power set points. Dynamic performances of the different control strategies are discussed.