Abundant access to a source of cooling can help offset high grid prices. Well places centres can a ton of money that way.

Even in inefficient data centers, cooling is a minority of the power expense. Chasing a few percent of better cooling efficiency at the expense of a few percent more expensive power is a net negative.

Cheap power is much more cost effective than the smaller efficiency bump you get from cold weather -- and you can also get both by locating in the midwest or northwest. Hyperscalers build here for these reasons.