NORDIC POWER-Front-quarter prices at one-week high on dry weather forecast, tight water reserves

March 13 (Reuters) - Nordic front-quarter prices edged up to a more than one-week high on Friday and were headed for a weekly gain, supported by forecasts of reduced precipitation and declining water reserves in the hydropower-dependent region.

Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.9 euros, or 1.6%, to 56 euros per megawatt hour (MWh) at 1120 GMT, its highest since March 4. The contract was set for a weekly gain of 6.7%.

Nordic front-year power contract ENOFBLYc1 gained 0.1 euros, or 0.2%, to 44.85 euros per megawatt hour (MWh). The contract was up 3.7% for the week.

"As next week looks set to offer quite low precipitation amounts and weak wind output, we could see further increases in (prices)," Mind Energy analysts said in a note.

Nordic water reserves available 15 days ahead PCAEC00 fell to 27.27 terawatt hours (TWh) below normal from 26.26 terawatt hours (TWh) below normal on Thursday.

"Next week will turn drier and partially sunnier in the southern parts, but the west and north of Norway will retain some activity with near or slightly above normal precipitation," said LSEG meteorologist Georg Mueller.

"The week after next week will likely be similarly inactive with mostly below normal precipitation and near or above normal temperatures," Mueller added.

Power prices for Germany's year-ahead contract TRDEBYc1, Europe's benchmark, fell 0.2 euros, or 0.2%, to 91 euros per MWh.

In the European carbon market CFI2Zc1, the benchmark contract fell 0.01 euros to 68.72 euros a ton.

Meanwhile, the Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, was down 14.28 euros, or 47.9%, to 15.51 euros per megawatt hour (MWh).