The wind energy potential is directly proportional to the air density and the third power of the wind speed averaged over a suitable time period. The wind speed and air density have temporal and spatial stochastic variabilities. It is the main purpose of this paper to derive the most general wind energy potential formulation by considering simultaneously the temporal variabilities both in the wind speed and air density. The correction factor is derived explicitly in terms of the cross-correlation and the coefficients of variation. The application of the methodology is performed for wind speed measurements at Canakkale meterological station in Turkey. (C) 2000 Elsevier Science Ltd. All rights reserved.