The France-Germany day-ahead power spread flipped back to Germany dearer by €19.31/MWh on 17 June, two days after France had become the dearer leg by €1.6 on 15 June, on euenergy.live data1. France cleared €98.32/MWh and Germany set the marginal price higher. A desk that put on the France-dearer trade on 15 June was offside by more than €20 two sessions later.
This is the cross-border consequence of the spark-spread move, not a separate German story. The gas-and-carbon stack that flipped German CCGTs back into the money the same session reset Germany's marginal clearing above France. EDF's nuclear fleet ran without a curtailment event on 17 June, holding French clearing down at €98.32 while Germany's thermal generation set the higher print2.
The €19.31 gap is a fraction of the €96.20 record set on 8 June, but it confirms the market has not settled into a stable equilibrium. A desk long France against short Germany has watched the spread travel close to €116 in nine calendar days, from a €96 French premium to a €19 German one. The signal for a relative-value book is direction instability, not level: the leg that is dearer flips with whichever fleet sets the margin on the day, and that has swung twice in a fortnight.
