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I have a questions regarding the definitions of variables in dynamic simulation. It is a conceptual question not that relevant to PSS/E but I think it is helpful to know.

So my questions is: Since the simulation time step (delta t) in PSS/E dynamic simulation is 0.5 cycle, then why the voltage output is constant (say, voltage = 1.05 pu) during the simulation? To my understanding, the voltage simulation output should be sinusoidal, because the voltage is sinusoidal. Similarly, what is the definition of power (P) in the dynamic simulation? Is is the instantaneous value? Or is it a phasor value?

Thank you