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In retail electricity market environment, it is important for electric power providers to analyze and master their characteristics of dynamic behavior. Recently, in the dynamic behavior study field, the dynamic modeling of electricity market and the stability condition of market equilibrium have been studied. However, in existed dynamic models, some assumptions out of accord with actual electricity market are made. In addition, the dynamic behaviors of electricity market are not analyzed when market does not have market equilibrium or is out of the stability region. Therefore, in order to more accurately model the behaviors of electric power providers, the dynamic Cournot game model is proposed in this paper. With the proposed model, the dynamic behaviors of electricity power providers are analyzed qualitatively and simulated numerically in different market parameters, in which the chaotic behaviors are focused when the market parameters are out of the stability region of the Nash equilibrium.