A high temperature superconducting power cable (HTS power cable) was applied large current capacity by no resistance in normal state. Fault state was risen out of over-current but, it was limited to resistance. This study was modeling equivalence, and unbalanced state analyzed operating characteristic of HTS power cable. The equivalence model was composed superconductor, shield, and former part. This model simulation was appeared conductor and shield current in normal state, but unbalanced state was appeared former current as rise current by resistance. So it need to sufficiently influenced the quench characteristic when the former design.