This Data Documentation presents a dynamic investment and dispatch model for Europe named dynELMOD. The model endogenously determines investments into conventional and renewable power plants, different storage technologies including demand side management measures, and the electricity grid in five-year steps in Europe until 2050 under full or myopic foresight. The underlying electricity grid and cross-border interaction between countries is approximated using a flow-based market coupling approach using a PTDF matrix. Carbon emission restictions can be modeled using an emission path, an emission budget, or an emission price. For the investment decisions a time frame reduction technique is applied, which is also presented in this document. The code and the dataset are made publicly available under an open source license on the website of DIW Berlin. The model results show that under almost complete decarbonization renewable energy sources in conjunction with storage capacities will provide the majority of the electricity generation in Europe. At the same time with a rising renewables share, especially after 2040, the need for storage capacities increases. No additional capacity from nuclear energy or fossil fuels is installed, due to high costs and in order to meet the greenhouse gas emission target.