A larger grid could transport wind power from Denmark, tidal power from Antrim, Northern Ireland, solar power from Spain and wave power from Mayo, Ireland, to other areas where there are not as many renewable resources.
Gormley cited the underwater cable between Norway and the Netherlands as an example.
"There is a 600-kilometre underwater cable running between Norway and the Netherlands," he said. "It cost 600 million euros (US$779 million) to build, but it is already generating cross-border trade valued at 800,000 euros (US$1.03 million) per day."