This study considers an implementation of artificial neural networks to the receding horizon optimal control and is applications to power systems. The Generalized Backpropagation-Through-Time (GBTT) algorithm is presented to deal with a quadratic cost function defined in a finite-time horizon. A decentralized approach is used to control the complex global system with simpler local controllers that need only local information. A Neural network based Receding horizon Optimal Control (NROC) 1aw is derived for the local nonlinear systems. The proposed NROC scheme is implemented with two artificial neural networks, Identification Neural Network (IDNN) and Optimal Control Neural Network (OCNN). The proposed NROC is applied to a power system to improve the damping of the low-frequency oscillation. The simulation results show that the NROC based power system stabilizer performs well with good damping for different loading conditions and fault types.