Dynamic performance simulation of a CFB boiler in a commercial-scale power plant is reported. The boiler system was modeled by a finite number of heat exchanger units, which are sub-grouped into the gas-solid circulation loop, the water-steam circulation loop, and the inter-connected heat exchangers blocks of the boiler. This dynamic model is an extension from the previously reported performance simulation model, which was designed to simulate static performance of the same power plant, where heat and mass for each of the heat exchanger units were balanced for the inter-connected heat exchanger network among the fuel combustion system and the water-steam system. Dynamic performance simulation was achieved by calculating the incremental difference from the previous time step, and progressing for the next time step. Additional discretization of the heat exchanger blocks was necessary to accommodate the dynamic response of the water evaporation and natural circulation as well as the transient response of the metal temperature of the heat exchanger elements. Presentation of the simulation modeling is organized into two parts; system configuration of the model plant and the general approach of the simulation are presented along with the transient behavior of the sub-models in Part I. Dynamic sub-models were integrated in terms of the mass flow and the heat transfer for simulating the CFB boiler system. Dynamic simulation for the open loop response was performed to check the integrated system of the water-steam loop and the solid-gas loop of the total boiler system. Simulation of the total boiler system which includes the closed-loop control system blocks is presented in the following Part II.