You're intuition is spot on.
Also, power prices in Germany (and other Euro countries) going negative? So why aren't more Bitcoin miners setting up shop there?
https://www.nytimes.com/2017/12/25/business/energy-environment/germany-electricity-negative-prices.html
Warmist propaganda.
Germany has one of the highest price of electricity in Europe
https://1-stromvergleich.com/medien/electricity-prices-europe-1.png
Exactly the usualy private customer pays 0,23 €/kwh - we basically pay the electricity for the big companies which pay around 0,10 € or less to be competitive