Thank you for contacting Ask Extension.  I'm not exactly sure what could've happened to your peony.  Did you cut it down to the ground last year before it had a chance to power up with energy to its roots from photosynthesis, was it over-fertilized and is it getting full sun?  Surrounding plants do compete for nutrients in the soil but I don't know if that was enough to cause your peony to not flower. 

Please look over the fact sheets linked below for further information.  Carol B. MGV

https://yardandgarden.extension.iastate.edu/how-to/reasons-why-peonies-fail-bloom
https://ccenassau.org/resources/peonies
https://hgic.clemson.edu/factsheet/peonies/
https://www.missouribotanicalgarden.org/Portals/0/Gardening/Gardening%20Help/Visual%20Guides/Peony%20Problems.pdf