Hi, Well there is a condition called Bud Blast that happens when a peony isn't happy. This is when the buds begin to develop and then they suddenly die and dry up. It is caused by a host of things such as lack of potassium, dry spells, cold spring temperatures, shade, root competition from nearby plants and trees and/or being planted too deeply. I would suggest, you dig and divide this plant this fall, after the foliage has died back. Cut it into smaller pieces and plant them in fresh, enriched soil in sunny spots. Be sure to cover the roots with only about an inch and half of soil. Any deeper and you can prevent flowering. Also, next spring, sprinkle a little slow-release, granular fertilizer around the new plants. This will feed them all summer long.
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