[robespierre]

From what I understand, the Nordic countries produce more hydropower than they consume in electricity. If the hydroelectric plants are state-owned, as I believe most are in Norway, they can produce energy at lower prices than alternative sources. Germany on the other hand has little hydropower and most of its energy (since the nuclear phase-out) is from natural gas, now much more expensive post-Nordstream. Ironically much of that gas comes from the Norwegian North Sea, which could further offset the Nordic domestic energy markets by effectively subsidizing them.