The MOU's signatories are: the UK, Ireland, Belgium, Denmark, France, Germany, Luxembourg, the Netherlands, Norway and Sweden.
The next step will be to discuss planning, technological, regulatory and legal issues.
In November, the European Commission identified a North Sea grid as one of four connections necessary to ensure the EU's electricity network is able to transport power produced by wind and other renewable sources.
Other recommendations included the development of connections in southwest Europe to transport wind and solar power, and stronger regional networks in central and southeast Europe.
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