A transmission cable is sometimes discussed, but so far Iceland has been taking advantage of the fact that aluminum smelting is a workable way to congeal cheap power into transportable money. Aluminum smelting is typically by electrolysis [1], and aluminum is light and compact relative to its value so easy to ship, so smelting aluminum and exporting it essentially allows you to "export electricity". Not at the same rates as you could sell actual electricity, but with easier transport/storage characteristics that makes it still attractive. The largest power plant in Iceland (a hydro one) is entirely purpose-built solely to power a smelter [2].
[1] https://en.wikipedia.org/wiki/Hall%E2%80%93H%C3%A9roult_proc...
[2] https://en.wikipedia.org/wiki/K%C3%A1rahnj%C3%BAkar_Hydropow...