May 7 (Reuters) - Nordic forward power rates rose on Thursday on investor worries about the hydropower-reliant region's water reserves hovering near multi-year lows.

* The Nordic front-quarter baseload power contract NSBLQc1 rose 1.17 euros or 2.23% to 53.65 euros per megawatt hour (MWh) at 11:57 GMT.

* The Nordic front-year power contract NSBLYc1 gained 0.20 euros or 0.4% to 46.9 euros per MWh.

* "Even with wetter forecasts, the lower water reserve outlook 14 days ahead is supporting especially the front-quarter contract, as the market remains sensitive to summer hydro availability," said Lukas Sigg, CEO of Nordic Energy Consulting.

* Nordic water reserves PCAEC00 were at 32.49 terawatt hours (TWh) below normal on Thursday, down from 31.93 TWh below normal, the previous day. Last week, water reserves hit their lowest level since late July 2018 at 33.83 TWh below normal.

* "Low-pressure activity will dominate the weather in northern Europe in the next 10 to 15 days with cool and cloudy weather. The resulting weather will be generally unsettled with frequent rain mostly in the form of showers," said LSEG meteorologist Georg Mueller.

* "Part of today's move could also be technical after yesterday's sharp decline linked to weaker gas and oil prices," Sigg added.

* Dutch and British wholesale gas prices edged lower as the market considered prospects for a peace deal between the United States and Iran which could lead to the gradual resumption of liquefied natural gas flows through the Strait of Hormuz.NG/EU

* Power prices for Germany's year-ahead contract TRDEBYc1, Europe's benchmark, were down 1 euro, or 1.1%, at 89.50 euros per MWh.

* The European carbon market's benchmark contract CFI2Zc1 lost 0.43 euro, or 0.6%, to 75.62 euros a metric ton.