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This paper describes the Power System Analysis Toolbox (PSAT), an open source Matlab and GNU/Octave-based software package for analysis and design of small to medium size electric power systems. PSAT includes power flow, continuation power flow, optimal power flow, small-signal stability analysis, and time-domain simulation, as well as several static and dynamic models, including nonconventional loads, synchronous and asynchronous machines, regulators, and FACTS. PSAT is also provided with a complete set of user-friendly graphical interfaces and a Simulink-based editor of one-line network diagrams. Basic features, algorithms, and a variety of case studies are presented in this paper to illustrate the capabilities of the presented tool and its suitability for educational and research purposes.