Arguments based on free-market ideals have come to play an increasing role for energy politics and transitions in the Baltic Sea Region. In this chapter, we explore the values and notions of justice that these arguments appeal to. The chapter shows how free-market arguments were used to legitimise energy policy proposals in the context of the latest comprehensive energy policy framework that was made in Sweden, the 2016 bipartisan energy agreement. We compare how two stakeholder coalitions in Swedish energy governance both made use of market-oriented ideals to legitimise diametrically opposed policies: pro-nuclear advocates on the one hand and supporters of a renewable energy transition on the other. The main part of the chapter takes the form of a thematic, inductive analysis of how patterns of meaning unfolded in the market-related arguments advanced by key stakeholders. We also explore and problematise these arguments further by unpacking central assumptions and premises, spelling out how they relate to key rationales for market-based arrangements in contemporary theories of justice. In light of this, we identify key questions that tend to remain unanswered, thereby highlighting major limitations of market-based approaches for articulating and responding to the values at stake in the energy trilemma.