NORDIC POWER-Front-quarter prices fall tracking lower European energy rates

May 22 (Reuters) - The Nordic front-quarter power contract fell on Friday, following a drop in European gas and German power prices, while forecasts for the hydropower-dependent region point to slightly wetter and windier conditions in the coming weeks.

* The Nordic front-quarter baseload power contract NSBLQc1 lost €0.9, or 1.5%, to €57.10 per megawatt hour (MWh) at 0956 GMT.

* The Nordic front-year power contract NSBLYc1 was steady at €49.25 per MWh.

* Nordic water reserves PCAEC00 stood at 29.22 terawatt hours (TWh) below normal on Friday compared with 29.79 TWh below normal on Thursday.

* "Despite a short-lived wet and windy period next week, still offer no real hydrological relief has come to the Nordics. The market appears to retreat along with gas and German power this morning," analysts at Mind Energy said in a note.

* Dutch and British wholesale natural gas prices fell more than 1% amid renewed hopes of a peace deal between the U.S. and Iran and some profit-taking, as well as rising Norwegian supply. NG/EU

* Germany's year-ahead power contract, Europe's benchmark, fell €0.6, or 0.6%, to €92.25 per MWh.

* "The new runs are generally a bit more unsettled and cooler over northern Europe (than previously). Hence, rather near-normal weather is likely in the next two weeks," LSEG meteorologist Georg Muller said.

* The European carbon market's benchmark contract CFI2Zc1 added €0.5, or 0.6%, at €75.38 a metric ton.


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