* Year-ahead power prices slightly up as oil rebounds
* But system price seen down on nuclear power, less demand
By Nerijus Adomaitis
OSLO, June 5 (Reuters) - Nordic power forwards rose on Tuesday as global commodities rebounded, but traders said a drier weather forecast was still the bigger driver in a hydro-dependent region.
Power prices for baseload (24 hours) delivery next quarter , the most traded contract in the Nordics, was at 29.15 euros per MWh at 0945 CET (0745 GMT), up 35 euro cents from Monday’s close .
A trader said the dry weather forecast was the main factor in driving quarter-ahead prices.
“The drier weather forecast is driving quarter-ahead prices up, not so much global commodities,” an Oslo-based trader said.
The Nordic power market - which includes Denmark, Norway, Sweden and Finland - is 50 percent dependent on hydro power.
Point Carbon, a market analysis division of Thomson Reuters, said on Tuesday it expected precipitation in Nordic countries to drop by 0.6 TWh within the next 10 days, compared to Monday afternoon’s outlook.
On the far-end of the curve, Nordic power prices for baseload delivery in 2013 rose by 10 euro cents to 37 euros per MWh, following rebound in global energy prices.
Brent crude prices rebounded for a second straight session on Tuesday, rising above $99 per barrel on support from a weaker dollar and hopes that the world’s leading economies will take new action to tackle the euro zone’s debt crisis.
Point Carbon said it expected Nordic system price for Wednesday to go down to 28.2 euros per megawatt-hour (MWh) from 28.6 euros on Tuesday on increased nuclear power output and less demand due to a holiday in Sweden.
Two nuclear plants in the Nordics, including the 1,450 megawatt (MW) reactor at Sweden’s Oskarshamn plant, are coming back from annual maintenance this week.
“On average we expect 900 megawatt (MW) higher output from the two plants tomorrow, up 250 MW for Oskarshamn 3 and up 650 MW for Olkiluoto 2,” it added.
The holiday in Sweden was expected to reduce consumption by some 1,000 MW in the Nordics.
Sweden’s nuclear reactor Ringhals 3 is expected to reduce output from 1,000 MW to 500 MW from 0400 CET (0200 GMT) until June 9. (Reporting by Nerijus Adomaitis; Editing by Henning Gloystein and Keiron Henderson)