Of course, coal has massive *external* costs, namely pollution, waste, CO2, that are not captured in the spot price.

Meanwhile France 🇫🇷 has the same 130 EUR/MWh price as Germany 🇩🇪 but 7x (seven times) lower emissions - it burns no coal and barely any gas. It's nuclear fleet is on the other hand running at 70% capacity right now: