I seem to remember when I planted mine that there were very precise instructions about planting depth - get it wrong and you can end up with no flowers. That said mine only had one bud this year and was not as impressive as last year (my profile pic shows it at it's peak). Not sure if you could try replanting it at the right depth now? Someone with more expertise than me is sure to point you in the right direction :-)

Check that the graft union is at least 4 inches below soil level on your tree peony. If not, covering it in some way may induce it to flowering more generously. Check it out on Google by typing in 'tree peony planting depth'

thank you juliernorth, the paeony is reprieved and I will think myself successful if it's anything like your pic.

Don't despair! I had ONE large bloom on mine this year....AFTER 5 years! I've checked all those pointers above in the past.....but no success till 2012!