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The Energy Market Authority was launched on 1 June 1995 (under the name Sähkömarkkinakeskus) as legislation on the electricity market entered into force. Subsequently, its duties expanded to include the monitoring of the natural gas market as well.

As legislation on emissions trading entered into force on 4 August 2004, the authority assumed also the duties of an emissions trading authority. The authority received new duties at the beginning of 2011 when it started to regulate the production support system for electricity from renewable sources,

and further duties at the beginning of 2014 when the Ministry of Employment and the Economy transferred some tasks pertaining to energy efficiency and renewable energy to the authority and its name was changed to the Energy Authority.

The enhancement of the domestic, Nordic and European market has significantly expanded the operating realm and regulatory authority of the Energy Market Authority. In 1995, its predecessor (Sähkömarkkinakeskus) employed only six officers, while the number of personnel had reached 70 at the beginning of 2014.