Abstract: With the intensification of global climate change and the increasing impact of extreme weather on the power system, the significance of power grids in guaranteeing electricity supply has been gaining increasing attention. As the largest cross-border interconnected power grid worldwide, the European power grid has been playing crucial roles in many areas, and its ability to ensure a secure electricity supply during extreme weather conditions is worthy of study. Firstly, this paper analyzes the process of cross-border interconnection, the trends in cross-border power allocation, and the objectives of power interconnection in Europe. Secondly, it delves into the characteristics of cross-border trading and dispatching from perspectives of the relationship between power trading and dispatching, the coupling mechanism of cross-border power grids, and the capacity allocation mechanism of cross-border transmission channels. Thirdly, by taking the 2022 extreme hot and dry weather event in Europe as an example, the paper assesses the platform functions of the European cross-border interconnected power grid in four aspects: optimal allocation of power generation and consumption resources, sharing of balancing resources, support for the power market, and renewable energy consumption. Subsequently, the problems faced by the European cross-border interconnected power grid are analyzed. Finally, the paper provides insights and recommendations for the advancement of China’s power grid.