Bloomberg said Asian technology companies are set to follow Google Inc. and Facebook Inc. in putting data centers near the Arctic Circle to benefit from the lowest power prices in Europe.

“Local versions of YouTube, Google and Facebook (FB) exist in almost all Asian countries where English is not the major language,” said Oskar Almen, vice president for business development at Sweden’s largest power producer Vattenfall. “With large populations and a strained power situation, these players will start to look for solutions in other places.”

“We ask ourselves if this could be a new industrial era, where Sweden and the Nordics would form an international hub or cluster,” Almen added.