Energy 28 (2003) 1375–1394 www.elsevier.com/locate/energy Feasibility evaluation of Greek State 1990–2001 wind energy program J.K. Kaldellis * Laboratory of Soft Energy Applications and Environmental Protection, Mechanical Engineering Department, Technological Education Institute of Piraeus, Pontou 58, 16777 Athens, Greece Received 6 November 2002 Abstract An extensive ﬁnancial analysis of the entire Greek State wind parks is carried out taking into account the life-long variation of every wind power installation techno-economic parameter. This investigation is based on a well-elaborated and integrated cost–beneﬁt model developed by the authors and properly adapted to the local market situation. On top of that, the time-evolution of the local market ﬁnancial parameters is included, using ofﬁcial data. In this context, the payback period and the corresponding beneﬁt to cost ratio (BCR) values of all wind power installations analyzed are computed. As a general conclusion, one may clearly declare that the Greek State wind power program leads to substantial ﬁnancial loss, despite the existing advantageous conditions. The main reason for this unexpected ﬁnancial behavior is the unex- pected low energy production of most wind power plants along with their long-term failures. In conclusion, the future of every State wind park may be redeﬁned in view of the attempted European electricity mar- ket deregulation.  2003 Elsevier Ltd. All rights reserved. 1. Introduction Wind energy is now a mature and economically attractive electricity production choice, especially in regions possessing high wind potential and sufﬁcient infrastructure [1]. During the previous 20 years, however, several wind power applications proved ﬁnancially unsuccessful, leading the investors involved to substantial loss or even bankruptcy. In an attempt to evaluate the ﬁnancial results of all Greek State wind parks after 11 years of their operation, the feasibility analysis model developed by the authors is ﬁrst presented [2,3]. * Tel.: +30-210-9619972; fax: +30-210-5381348. E-mail address: jkald@teipir.gr (J.K. Kaldellis). 0360-5442/$ - see front matter  2003 Elsevier Ltd. All rights reserved. doi:10.1016/S0360-5442(03)00121-X