NORDIC POWER-Forward prices gain on higher European gas, German power rates

March 16 (Reuters) - Nordic front-quarter power prices rose on Monday, as German power prices and European gas rates climbed amid the ongoing Middle East conflict.

Nordic front-quarter baseload power contract ENOFBLQc1 rose 1.25 euros to 57.50 euros per megawatt hour (MWh).

Nordic front-year power contract ENOFBLYc1 gained 0.60 euros to 45.50 euros per MWh.

"The German market is up and that's due to higher fuel prices, higher gas and so on. The German market and the general geopolitical situation is what is driving it (Nordic prices) up today," said LSEG power analyst Ole Tom Djupskaas, adding that he expects the uptrend to continue this week.

Power prices for Germany's year-ahead contract TRDEBYc1, Europe's benchmark, rose 1.5 euros, or 1.7%, to 92.5 euros per MWh.

In the European carbon market CFI2Zc1, the benchmark contract rose 0.6 euros, or 0.9%, to 69.76 euros a ton.

Israel said it has detailed plans for at least three more weeks of war as its military pounded sites across Iran overnight, while Iranian drone attacks temporarily shut Dubai airport and hit a key oil facility in the United Arab Emirates.

Oil prices have soared and share markets have skidded on fears that the squeeze on energy supplies resulting from the U.S.-Israeli war on Iran will stoke inflation and crimp economic growth.

Elsewhere, Nordic water reserves PCAEC00 fell to 25.54 terawatt hours (TWh) below normal from 27.27 TWh below normal on Friday.

"Rising pressure in continental Europe will lead to a less active and mostly dry next 7 to 10 days," said LSEG meteorologist Georg Mueller.

The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, was up 11.67 euros, or 18.1%, at 75.93 euros per MWh.