NORDIC POWER-Forward prices tick up on dry weather forecast

March 19 (Reuters) - Nordic forward power prices rose on Wednesday, buoyed by forecasts of drier weather, although higher water reserves in the hydro-reliant region limited the upside.

The Nordic front-quarter baseload power contract ENOFBLQc1 rose by 0.2 euros at 24.55 euros per megawatt hour (MWh) as of 1246 GMT.

Nordic front-year prices ENOFBLYc1 gained 0.15 euros to their highest in over two weeks at 36.95 euros per MWh.

"I expect calm weather with a short dry period, but we still have surplus water," said Axel Weylar, an originator at Entelios Trading AB.

Nordic water reserves available 15 days ahead PCAEC00 were seen at 12 terawatt hours (TWh) above normal, compared with 11.93 TWh on Tuesday.

"The rest of this week, including the weekend, will be largely dry and sunny in the central and southern parts, while the north will see some light rain. Temperatures will be above normal," said LSEG meteorologist Georg Muller.

Dutch and British wholesale gas prices rose earlier in the session, rebounding from the day before after Russian President Vladimir Putin stopped short of a full ceasefire in Ukraine but agreed to a temporary halt on energy infrastructure attacks. NG/EU

In the European carbon market, the benchmark contract CFI2Zc1 inched 1.65 euros higher to 72.95 euros a tonne.

German year-ahead power TRDEBYc1 rose 3.15 euros to 85.25 per MWh.

The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, was 29.93 euros, up at 57.48 euros per MWh.