Time varying nature of the wind power is studied previously considering different time intervals from seconds to days. However for power quality problems such as flicker, a model which considers the extremely fast variations is essential. Here by using large number of actual records, a time-varying model is proposed which considers the extremely short-time variations of wind active and reactive powers. The wind farm is modelled as a current source with time varying amplitude and phase which change every 0.01 s. Autoregressive moving-average (ARMA) models are utilized to model the variations and ARMA coefficients are calculated for every record. Same to the actual behaviour, the proposed model is non-stationary as the ARMA order and coefficients are different at every run of the model. The proposed model is confirmed through utilizing several applications which need the power time series with extremely short sampling intervals. The following studies are performed by using the actual data and then the proposed model: power spectral density of active and reactive power variations, instantaneous flicker, short term flicker (Pst), estimating the Pst using the maximum value of the instantaneous flicker, estimation of cumulative Pst for multiple wind turbines, and the impact of SVC on flicker mitigation. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.