Residential power here in Iceland is 6-7 US cents per kilowatt hour, so I can only imagine that industrial-scale power is even cheaper. We're really sitting on more power production potential than we know what to do with, it's almost ridiculous. I mean, hot water goes to 90% of houses and people waste it like crazy, there's huge heated pools, etc... and a quarter of this hot water comes just from downtown alone, little sheds mixed in with the buildings. In Öskjuhlíð they drilled a 90 meter pipe into the ground, put a choke in the top, a water drip... and it's now an artificial geyser. Heat is just everywhere. 1/3rd of the lava on the planet in the past 500 years has come from Iceland. Traditionally, we've "exported" this power by making stuff here with it, like aluminum (importing all the inputs and exporting the metal). There are three smelters in the country, and even the smallest uses more power than all the homes and businesses combined. But we're still only using about 20% of our conventional high temperature geo (not counting using magma as an input, which was recently shown to be feasable at Krafla, not counting EGS, etc - and geo exploration has been quite minimal due to there being so much available already), virtually none of our low temperature geo (2/3rds of the country's primary energy is geothermal waters at 100-150C, and the target distribution temperature is 80C, but it just gets mixed with cold to bring it down that low), about 15% of our hydro, essentially none of our huge wind (makes the midwestern US look tame, but there's only one turbine in the entire country), tides (also quite large), etc. This country has just huge amounts of generation potential but nothing to use it on.
I'm sure you know more about the difficulties involved than I. But it's a very serious subject that's been discussed for decades, and now seems to finally be making some headway. There's even a conference going on right now about it.
Now, that's not to say that it's not without controversy on this side. Namely, because people here love having massive amounts of unspoiled wilderness, and up here, even geothermal is controversial just because you have to build roads and lines into it. And people also worry about our cheap electricity getting more expensive if we start selling to the UK.