The main raw material for energy production – oil shale – is extracted from mines located in Eastern Estonia and owned by the company.

In 1998–1999, two distribution companies (Läänemaa Eletrivõrk and Narva Elektrivõrk) were separated from Eesti Energia and privatized.

According to the basic terms of sale, agreed in 2000, NRG Energy was to acquire 49% stake in Narva Power Plants.

In addition, at that time Narva Power Plants owned also 51% stake in the oil-shale mining company Eesti Põlevkivi.

[10] In 2000, Eesti Energia and Latvenergo announced a plan to merge companies to create a new Baltic Power Group.

[14][15] On 1 December 2005, during his visit to Estonia, Lithuanian Prime Minister Algirdas Brazauskas met with the CEO of Eesti Energia Sandor Liive to discuss Eesti Energia's participation in the proposed Visaginas Nuclear Power Plant project.

[16] On 8 March 2006, the heads of Lietuvos Energija, Eesti Energia and Latvenergo during their meeting in Ignalina signed a memorandum of understanding on the preparation for construction of a new nuclear reactor in Lithuania.

[17] Eesti Energia negotiated for six years; however, the project was put on hold after government change in Lithuania at the end of 2012.

[21] The concession agreement was signed on 11 May 2010 in the presence of Jordanian and Estonian prime ministers Samir Zaid al-Rifai and Andrus Ansip.

[23][24][25] To implement the EU 3rd energy package, on 28 August 2009 Government decided to separate and buy-out the transmission system operator Elering from Eesti Energia.

[27] In 2010, the government considered the initial public offering of shares at the London Stock Exchange; however, this plan was postponed.