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To get a 'manual' about the dyntools, open a CMD (DOS window), run python and then type:

import dyntools

help (dyntools)

The CHNF function expects OUT filenames, not to declare output data filenames, change it to:

chnfobj = dyntools.CHNF('C:\Program Files (x86)\PTI\PSSE32\EXAMPLE\python_test.out')

Also, by the end of your code, define an excel filename to received data using the function dyntools.xlsout

From the 'manual':

 |      xlsfile  = chnfobj.xlsout(outfile,channels,show,xlsfile)
 |
 |      outfile  = PSS(R)E Dynamic Simulation Channel Output File Name (.out), when not
 |                 provided, used 1st file from the files provided during object creation.
 |      channels = Channel numbers to extract, specified as a channel number or
 |                 list of channel numbers to extract.
 |                 If not specified, all channels are extracted, default.
 |      show     = True (default) - Show Excel Spreadsheet when being populated,
 |               = False - Hide
 |      xlsfile  = Data saved to this Excel File, with or without extension.