A simulation model based on Dymola modelling was developed to investigate the dynamic characteristics of automatic generation control (AGC) for variable-load thermal power units in this study. Specifically, a 300 MW unit from a power plant in northern China was used to verify the model’s validity in steady-state processes and to analyze the behavior of the main thermal parameters under different rates of load changes. The economic performance of the unit under different rates of load changes is also analyzed by combining the economic indexes of “two regulations” in the power grid. Results indicate that as the rate of load changes increases, boiler output, main steam temperature, reheat steam temperature, main steam pressure, and working temperatures of various equipment fluctuate more intensely. Specifically, at a rate of load reduction of 2.0% Pe MW/min, the maximum deviation of the main steam temperature can reach 7.6 °C, with the screen-type superheater experiencing the largest heat exchange. To achieve a balance between safety and economics for the unit, the rate of load raising should not exceed 1.2% Pe MW/min, and the rate of load reduction should not exceed 0.8% Pe MW/min. This paper applies the covariance index and AGC assessment index of the thermal power unit load control system to the established dynamic simulation model to supplement the AGC assessment index in the “two regulations”, and to provide a flexible and reasonable system evaluation result for field operators to refer to, so as to improve the economics of the system on the basis of safety.