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This paper describes the derivation of a power sensitivity model for dynamic studies of power systems, subjected to normal operation disturbances. The need of an infinite bus representation is avoided with the linearized nodal power balance approach. This permits the model to be easily extended to any number of network buses.In the linearized form, the resulting Power Sensitivity Model (PSM), presents some interesting features, such as decoupled modelling and time scale decomposition properties. For presentation reasons, the PSM is first derived for a single generator connected to an infinite bus. Its performance is then compared with the classical Heffron-Phillips Model (HPM), as described by de Mello and Concordia. At last, it is extended for multinodal networks.