NORDIC POWER-Front-quarter prices hit over one-month peak on dry weather forecast

March 18 (Reuters) - Nordic forward power prices gained on Tuesday, with the front-quarter contract hitting its highest in over a month amid forecasts of drier weather and a slight reduction in water levels.

The Nordic front-quarter baseload power contract ENOFBLQc1 rose 1.21 euros to 24.9 euros per megawatt hour (MWh) as of 1030 GMT, its highest since February 12.

Nordic front-year prices ENOFBLYc1 gained 0.3% to 36.9 euros per MWh, their highest since March 3.

"Expected precipitation in the Nordic area during the forthcoming ten days is around just below seasonal average and the same goes for wind output. This is bullish news for the Nordic power market," said analysts at Energi Danmark in a note.

Nordic water reserves available 15 days ahead PCAEC00 were seen at 11.93 9terawatt hours (TWh) above normal, compared with 12.99 TWh on Monday.

The rest of this week including the weekend will be dry and temperatures will rise to slightly above normal values, said LSEG meteorologist Georg Muller.

Dutch and British wholesale gas prices eased as the market awaited any news on a potential peace deal between Russia and Ukraine but low storage levels remain a concern and weather forecasts are mixed. NG/EU

In the European carbon market, the benchmark contract CFI2Zc1 rose 0.32 euros to 70.43 euros a tonne.

German year-ahead power TRDEBYc1 fell 0.57 euros to 81.4 per MWh.

The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 12.14 euros to 25.43 per MWh.