Spain has 3x the emissions intensity of France. The Nordics (some of them) have energy that is cheap and clean like France. That's because they have base load that doesn't emit CO2 like France.
And the germanics have higher price than France, which can benefit from importing cheap spanish power (when not in outage) and reselling it at 5x to germanic countries.
Spain in particular has low prices thanks to their solar and wind, and the Nordics thanks to hydro.