The objective of this paper is to compare five different generator systems for wind turbines, namely the doubly-fed induction generator with three-stage gearbox (DFIG3G), the direct-drive synchronous generator with electrical excitation (DDSG), the direct-drive permanent-megnet generator (DDPMG), the permanent-magnet generator with single stage gearbox (PMG1G), and the doubly-fed induction generator with single-stage gearbox (DFIG1G). The comparison is based on cost and annual energy yield for a given wind climate. The DFIG3G is a cheap solution using standard components. The DFIG1G seems the most attractive in terms of energy yield divided by cost. The DDPMG has the highest energy yield, but although it is cheaper than the DDSG, it is more expensive than the generator systems with gearbox.