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The power oscillation flow method is a small signal sensitivity method which is able to determine an index that assesses the degree of participation of the power flowing at each transmission element, or being consumed at each load of the power system, in the formation of each swing mode. In this way, the power oscillation flow method is an extension of the participation factors traditionally used in Modal Analysis theory, which allow us to determine the way in which the swing modes are affected by the state variables of the synchronous machine and their associated control systems. In this paper we describe the basics of the power oscillation flow method and its application to a detailed power system model. The effect of different static load characteristics in the results of the method is assessed. In addition, we explore the sensitivity information provided by the method and its possible application to control power system poorly damped or unstable oscillation problems.