NORDIC POWER — Forward prices gain on drier weather outlook and higher gas prices

Sept 24 (Reuters) — Nordic forward power prices rose on Thursday, supported by a drier weather forecast and higher European gas prices. Nordic front-quarter baseload power contract rose €4.25 or 3.91% to €113 ($128.44) per megawatt hour (MWh) at 1017 GMT Nordic front-year gained €1.35 or 2.02% to €68.2 per megawatt hour (MWh). Benchmark Dutch and British wholesale gas prices rose amid fading hopes of a diplomatic solution to the US-Iran conflict that could help reinstate flows of liquefied natural gas (LNG) from the Middle East. "Expected precipitation in the Nordic area during the forthcoming ten days is around 20-30 % below seasonal average. A few days could offer above-average precipitation but in general, the dry conditions are expected to continue well into October and this also means that the deficit on the Nordic hydro balance is expected to widen further," said analysts at Mind Energy in a note. Nordic water reserves available 15 days ahead were seen at 15.90 terawatt hours (TWh) below normal, compared with 15.12 TWh below normal on Wednesday. Germany's year-ahead power, Europe's benchmark contract, rose €2.45, or 1.94%, to €129 per MWh. In the European carbon market, the b