We analyse systematically the potential for wave energy along the north-eastern Baltic Sea coast and the coastal waters of the Gulf of Riga and Gulf of Finland. The most favourable areas in this respect are the north-eastern and south-eastern parts of this water body where the anisotropy of wind and wave fields lead to relatively large level wave intensity and associated onshore wave energy flux.The numerically estimated bulk wave energy flux along the entire coastline of Estonia is in the order of 1000 MW. As only a few locations can be used for wave energy extraction, a realistic estimate for the usable part of wave power in ideal conditions is a few tens of MW.