Recently, hydrogen energy has been anticipated to change the paradigm of conventional power systems because it can expand sustainable energy utilization and conceptually provide remarkable flexibility to power system operation. Since hydrogen energy can be converted to electric energy through fuel cells, fuel cells are expected to play an important role in the future hydrogen economy. In this paper, a Proton Exchange Membrane Fuel Cell (PEMFC) is modeled as an equivalent circuit and its steady-state characteristics investigated using the model. PEMFCs can be connected to power systems through power conditioning systems, which consist of power electronic circuits, and which are operated as distributed generators. This paper analyzes the effects of the characteristics of the PEMFC internal voltages and investigated the dynamic responses of the PEMFC under fault conditions. The results show that the fault current contribution of the PEMFC is different from those of conventional generators and is closely related to its operating point.