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 unexpected 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 market deregulation. (C) 2003 Elsevier Ltd. All rights reserved.