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This article analyzes the geographies of the German coal exit by looking at the spatial dimensions of coal devaluation. It argues that while the Energiewende has been described as having a national origin, central triggers of the national coal exit agreement have to do with devaluation pressures created by the combination of global relations in the fuel markets, the territorial bordering of electricity and carbon markets at the European Union level, and place-based and multiscalar anticoal networks. The role of place-based resistance to the past, relational, expected, and imaginary concomitant forms of devaluation in lignite regions is also described as a key spatial barrier to the German coal phase-out. It will be shown that the emergence of a coal exit agreement, which represents a national fix to address not only existing market devaluation forces, but also a double legitimacy crisis for the government, was based on spatially uneven relations. The German case is relevant for the geographies of energy transitions for showing how multispatial strategies, the spatial organization of energy markets, and the territorial regulation of energy systems shape the possibilities for the devaluation needed to accelerate the pace of the fossil fuels phase-out.