EUROPE POWER-Spot price lifted by wind power supply and rising demand

PARIS, March 27 (Reuters) - European prompt power prices rose on Monday, with German wind power supply expected to tumble and demand projected to rise across the region.

German day-ahead baseload power traded at 114.50 euros ($123.26) per megawatt hour (MWh) at 0855 GMT, jumping 54.7% from the price paid for Monday.

The equivalent French contract was at 123.50 euros, up 51.5% from the price paid for Monday delivery.

"Residual load is lifted on a weaker wind supply and higher demand," Refinitiv analysts said.

On the supply side, German wind power was projected to fall by 11.4 gigawatts (GW) to 15.6 GW on Tuesday, while French supply was forecast to rise by 550 megawatts (MW) to 4.4 GW, Refinitiv Eikon data showed.

Refinitiv analysis showed that daily average wind power supply in Germany is expected to dip to 14 GW on Wednesday before rising to 30 GW on Thursday and then dropping to about 20 GW Friday.

French nuclear availability dropped four percentage points to 61% of available capacity. Maintenance has been disrupted at several nuclear reactors by ongoing strikes over government changes to the pension system.

The 900 MW Bugey 3 reactor was shut on Friday for unplanned maintenance work on an alternator, operator EDF said.

German utility EnBW's planned phase-out of coal-fired power generation will be brought forward by seven years to 2028, it said on Monday in its 2022 earnings report.

The company also said it has hedged 90-100% of its 2023 output, 70-90% of 2024 and 30-50% of 2025.

Power demand in Germany is forecast to rise by 2.3 GW day on day to 58.3 GW on Tuesday while French consumption is expected to rise by 3 GW to 52.3 GW, Eikon data showed.

Along the curve, the German year-ahead position shed 0.4% to 133.50 euros/MWh.

The French 2024 contract rose 1.5% to 193.60 euros/MWh.

European CO2 allowances for December 2023 expiry rose 0.5% to 88.03 euros a tonne. ($1 = 0.9289 euros) (Reporting by Forrest Crellin Additional reporting by Vera Eckert Editing by David Goodman)