The increasing variability in power plant load, in response to a wildly uncertain electricity market and the need to to mitigate CO₂ emissions, lead power plant operators to explore advanced options for efficiency optimization. Model-based, system-scale dynamic simulation and optimization are useful tools in this effort, and the subject of the work presented here. In prior work, a dynamic model validated against steady-state data from a 605 MW subcritical power plant was presented. This power plant model is used as a test-bed for dynamic simulations, in which the coal load is regulated to satisfy a varying power demand. Plant-level control regulates plant load to match an anticipated trajectory of the power demand. The efficiency of the power plant operating at varying load is optimized through a supervisory control architecture that performs set point optimization on the regulatory controllers. Dynamic optimization problems are formulated to search for optimal time-varying input trajectories that satisfy operability and safety constraints during the transition between plant states. An improvement in time-averaged efficiency of up to 1.8% points is shown feasible with corresponding savings in coal consumption of 184.8 tons/day and carbon footprint decrease of 0.035 kg/kWh.