Sibling comment mentions, correctly, that these things need to be running at full utilization for a long time to make sense. So, you'd need batteries to smooth wind or solar, which is still economical (and will become increasingly so).
That article snippet doesn't fully do it justice. They sell electricity to aluminum smelters at 1/4th the price of the EU, and a surprisingly large portion of their total energy consumption is industrial.
Iceland has done it correctly, though, in that in order to tap into their natural resources, you need to be an Icelandic company investing in Iceland. Some want to build a cable to Iceland to help the European electricity market, even though it's never been done at that length before. Some in Iceland are (rightly!) worried that would increase demand for hydropower and further industrialize Iceland, etc.
Sibling comment mentions, correctly, that these things need to be running at full utilization for a long time to make sense. So, you'd need batteries to smooth wind or solar, which is still economical (and will become increasingly so).
That article snippet doesn't fully do it justice. They sell electricity to aluminum smelters at 1/4th the price of the EU, and a surprisingly large portion of their total energy consumption is industrial.
Iceland has done it correctly, though, in that in order to tap into their natural resources, you need to be an Icelandic company investing in Iceland. Some want to build a cable to Iceland to help the European electricity market, even though it's never been done at that length before. Some in Iceland are (rightly!) worried that would increase demand for hydropower and further industrialize Iceland, etc.