Huh, the Canadian province of Labrador has about those electricity prices. For big customers they go down to almost $0.02/kwh on the nose.
I heard kuwait has power that is $0.01/kwh. And venezuela goes down to $0.0063/kwh (if you use the actual exchange rate). I've got a feeling the latter two countries might be difficult to set up datacenters in, though. Heh.
It is technically Newfoundland and Labrador, rarely do Canadians call Labrador a province they do say Newfoundland though.
Actually, thanks for that question. Canadian here!
I made a mistake when I wrote that (Labrador itself isn't a province), but I meant Labrador the region in particular, as Newfoundland doesn't have the same electricity rates. IIRC St John's charges over $0.10/kwh. Labrador has much better access to cheap hydro power than its island counterpart.