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Keep in mind Iceland's population is under 400k. That's less than the city proper of Minneapolis, for example.

That said, Iceland does in effect export a ton of power by importing bauxite and turning it into aluminum.

Indeed, in 2011, 71% [1] of the electricity production of Iceland was used by the aluminum industry!

True, although I think that's hydropower? At least that's what I remember from when I studied there ~15 years ago.