May 30 (Reuters) - Nordic forward power contracts rose on Monday, with the front-quarter contract touching a two-month high, supported by lower water reserves in the hydropower-dependent region and rising German power prices.
* Nordic front-quarter baseload power contract rose 7.42 euros to 107.40 euros per megawatt hour (MWh) at 11:49 GMT.
* The Nordic front-year contract gained 4.34 euros to 80.96 euros/MWh.
* "We could see further price climbs, as the weather forecasts provide bullish signals," analysts at Energi Danmark said in their note.
* Nordic water reserves available 15 days ahead were seen at 10.50 terawatt hours (TWh) below normal, compared with 8.43 terawatt hours (TWh) below normal on Friday.
* Next week temperatures are expected to be slightly higher and near or above normal, said Georg Muller, adding towards the end of the next week, a less active weather pattern may emerge.
* Also buoying forward prices, German baseload for 2023 delivery , Europe's benchmark contract, rose 6.25 euros to 236.75 euros/MWh.
* Carbon front-year allowances firmed 0.22 euro to 84.42 euros a tonne.
* The Nordic power price for next-day physical delivery , or system price, fell 8.34 euros to 162.27 euros/MWh at an auction on the Nord Pool exchange.
* British wholesale gas prices rose as cooler and less windy weather raised demand for heating and power consumption, while the European prices rose modestly as concerns over Russian gas disruption are easing.
* European Union leaders are set to agree in principle to ban oil imports from Russia at a summit on Monday and Tuesday in Brussels, but after weeks of haggling they will leave decisions on how it will work for later, diplomats said. (Reporting by Rahul Paswan in Bengaluru; Editing by Bernadette Baum)