alt Hacker NewsPower and cooling costs also play a role, probably.
Even if you have an unbelievable PUE of 1.00, you are still affected by the energy cost increases. There's no running from that.
Edit: I misremembered the PUE formula. This comment has been edited to correct my mistake.
A PUE of 1.00 means all of your electricity is used for compute and none for cooling (and other things). "as much electricity for cooling as you spend of compute" would be a PUE of 2. It's "total / compute". And PUE of 2 would be quite bad, most facilities are better than 2.