The paper presents the modelling, simulation and analysis of the transient behaviour of a 340 MW pump-turbine in case of emergency shutdown in turbine mode with focus on possible draft tube water column separation. The model of a pumped storage power plant with simplified layout is presented. This model includes a penstock feeding one 340MW pump-turbine with the related rotating inertia and a tailrace tunnel. The model of the tailrace tunnel allowing for water column separation simulation is introduced. The simulation results of the transient behaviour of the pump-turbine in case of emergency shutdown in generating mode, with and without downstream water column separation model are presented for different degree of severity triggered by the submergence and the tailrace tunnel length. The amplitudes of the pressure peaks induced by the cavity collapse are analysed with respect to the pressure drop magnitude and tailrace dimensions. The maximum and minimum pressure amplitudes obtained along the tailrace tunnel are analysed for different test case conditions.