A simple coupled ocean–atmosphere model, similar to that of Zebiak and Cane, is used to examine the dynamic and thermodynamic processes associated with El Niño/Southern Oscillation (ENSO). The model is run for 300 years. The interannual variability which results is regular, with a period of either 3 or 4 years, quantized by the annual cycle. The amplitude (∼1.5 m s−1 wind and 2°C SST anomalies), period and structure of the interannual variability compare well with observations. The model warm event is initiated in the spring prior to the event peak, and is well described as an instability of the coupled system. During instability growth, the sea surface temperature (SST) anomaly is primarily generated by vertical upwelling processes. The SST anomaly can be approximately described by the expression ∂T/∂t = KTh − α*T, where T is the SST anomaly, t time, h the upper layer thickness (pycnocline) perturbation and α* an effective damping time which includes heat loss to the atmosphere. KT parameterizes... Abstract A simple coupled ocean–atmosphere model, similar to that of Zebiak and Cane, is used to examine the dynamic and thermodynamic processes associated with El Niño/Southern Oscillation (ENSO). The model is run for 300 years. The interannual variability which results is regular, with a period of either 3 or 4 years, quantized by the annual cycle. The amplitude (∼1.5 m s−1 wind and 2°C SST anomalies), period and structure of the interannual variability compare well with observations. The model warm event is initiated in the spring prior to the event peak, and is well described as an instability of the coupled system. During instability growth, the sea surface temperature (SST) anomaly is primarily generated by vertical upwelling processes. The SST anomaly can be approximately described by the expression ∂T/∂t = KTh − α*T, where T is the SST anomaly, t time, h the upper layer thickness (pycnocline) perturbation and α* an effective damping time which includes heat loss to the atmosphere. KT parameterizes...