Spectral potential and kinetic energy densities and fluxes in horizontal wavenumber space are estimated in an eddy-resolving model of the North Atlantic. In agreement to recent observational results near surface kinetic energy fluxes are negative over wide regions of the North Atlantic, indicative of an inverse energy cascade. This inverse kinetic energy cascade is found over a wide depth range but both the spectral kinetic energy density and the corresponding flux show no clear dependency on Rossby radius or Rhines scale. Potential energy fluxes tend to be positive and show a direct potential energy cascade towards a scale which is related to the Rossby radius in the subtropical North Atlantic.