We propose an analytical model able to accurately estimate both power consumption and network performance indexes of Energy Efficient Ethernet (EEE) links working at the three available speeds under various traffic load patterns and packet size distributions. The model is sufficiently flexible and accurate to consider different traffic parameters; among others, the packet size distribution, the average burst inter-arrival rate, the burst size distribution, etc. With relatively low complexity, since it addresses stationary queue behavior, the analysis allows obtaining the average energy consumption of the link and, unlike previous works, the mean latency time experienced by incoming packets in closed form, without any upper or lower bound approximations. This aspect makes the model suitable to be adopted in optimization frameworks for network design and control purposes. The numerical results of the model are validated against measurements on a real test bench.