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A novel multirate method of simulating power-electronic-based systems containing a wide range of time scales is presented. In this method, any suitable integration algorithm, with fixed or variable time-step, can be applied to the fast and/or slow subsystems. The subsystems exchange coupling variables at a communication interval that can be fixed or varied dynamically depending upon the state of the system variables. The proposed multirate method is applied to two example power systems that include power-electronic subsystems. Increases in simulation speed of 183-281% over established single-rate integration algorithms are demonstrated.