An analysis of the factors affecting reduction potentials within a series of high potential iron-sulfur proteins (HiPIP) has been performed by calculating the different contributions to the variation of electrostatic energy upon addition of one electron to the oxidized form of the protein. Molecular dynamics calculations were used to generate model structures of HiPIPs for which X-ray data are not available, starting from the known structures of highly homologous proteins. We have calculated and analyzed the contributions to the electrostatic energy deriving from the net charges present on the surface of the protein, the partial charges present on the uncharged residues, the polarizability of the protein atoms, the solvent dipoles and polarizabilities. A positive correlation with the reduction potentials was found only for the contribution due to the net charge of the protein which, in the absence of other factors such as differences in the coordination properties and in reorganizational energy upon reduction, is proposed to represent the determining effect for the large variation in reduction potential within this series of biological electron carriers.