The most striking demonstration of the problems is the gaping price discrepancy between northern and central Norway -- with close to half of the country's hydropower production -- and southern Norway, with all the export cables.

Electricity in the three southern areas of Norway will cost between €263/MWh and €327/MWh on Wednesday, but in the north and centre of the country they will be just over €1/MWh, according to the day-ahead prices from power market Nord Pool.

The pattern has lasted long enough that some businesses are voting with their feet: Kryptovault, a Norwegian bitcoin miner, is moving its activities from the south to above the Arctic Circle to slash its power bill.

The main reason for the 160-fold difference in prices is a lack of transmission capacity between the north and south. ...