RAEGE commenced in 2011 with a Memorandum of Understanding between the Governments of Azores and Spain to set up a Very Long Baseline Interferometry VLBI observing network consisting of four antennas situated at Yebes (near Madrid), and on the islands of Santa Maria, Gran Canaria and Flores, to meet the international requirements needed for VGOS, the VLBI Global Observing System. Currently the VGOS-antennas at Yebes and Santa Maria are fully operational, the other two are in the planning stage. The key feature of this network is its distribution over three tectonic plates (Eurasian, African and North American), which will augment the estimates of the movements between the plates, both in direction and speed and thus improve the TRF (Terrestrial Reference Frame). Major improvements are expected for constraining the rotational component of the African plate, where we have currently only one VLBI station in South Africa and a very sparse network of about 30 IGS-GNSS antennas over the entire continent. Within this study we simulate VLBI observations for all four antennas and evaluate their performance regarding the TRF as well as the EOP. In the latter case we will also explore the capabilities of this network to independently derive dUT1, and in conjunction with selected IVS stations, the observation of the entire set of the EOP.