I just came across this today...taken from the site linked below:

Bud blast (environmental) Bud blast is a condition where flower buds abort. It is caused by planting too deep.

It covers many problems found in many landscape plants.

I knew peonies would not bloom if they were planted too deep, but was not aware they would put up buds, and the buds abort as a result of them being too deep.

It sounds like this is the year to 'lift' Mom's huge peony, and plant it a little more shallow.

Sue

Here is a link that might be useful: Ohio State University Extension Bulletin