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If you use the stdout command you can put the output to any other file format, not just .out:
sys.stdout = open('P:\Documents\Python\FileName.csv', 'w') # puts to .csv for example instead of writing to the console
ierr = psspy.output_y_matrix(sid, all, ties, out)
sys.stdout = sys.__stdout__ # puts writing back to console
Of course out = 1 in this case.
