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The recently approved Energy Efficient Ethernet standard IEEE 802.3az achieves energy savings by using a low power mode when the link is idle. However, those savings heavily depend on the traffic patterns, due to the overhead inherent in transitions between active and low power modes. This makes it impractical to estimate energy savings through measurements or simulations in all relevant scenarios. In this letter we present an analytical model to estimate the energy consumption of an Energy Efficient Ethernet link, based on simple traffic parameters. The model is validated through simulation and experimental data.