Besides pumped hydropower, Compressed Air Energy Storage (CAES) is the other solution for large energy storage capacity. It can balance fluctuations in supply and demand of electricity. CAES is essential part of smart power grids. Linked with the flow structure and dynamic characteristic of electricity generation subsystem and its components, a simulation model is proposed. Thermo-dynamical performance on off-design conditions have been analyzed with constant air mass flux and constant gas combustion temperature. Some simulation diagrams of curve are plotted too. The contrast of varied operation mode thermal performance is made between CAES power plant and simple gas turbine power plant.