We study the formation of micron-sized spark discharges in high-pressure xenon on the nanosecond time scale. The spark's energy per length is measured through the expansion dynamics of the generated shock wave, and is observed to scale linearly with the spark radius. At the same time, the surface temperature of the spark channel remains constant. Together, these observations allow us to conclude that the spark channel, up to 40 μm in overall radius, is actually an energetically hollow shell about 20 μm thick. Further, the energy per nucleus in the shell is about 15 eV, independent of size and density. To reconcile these findings with the opacity to visible light, we appeal to collective screening processes that dramatically lower the effective ionization potential, allowing a much higher electron density than is otherwise expected. Thus, nanosecond measurements of sparks provide access to the thermodynamics and kinetics of strongly correlated plasmas.