Nov 7 (Reuters) - Nordic forward power prices rose on Wednesday, boosted by expectations of relatively drier weather, higher coal prices, and falling water reserves in the region.
* Nordic front-quarter baseload power contract was up 1.5 euros to 47.20 euros per megawatt hour (MWh) at 1129 GMT.
* Nordic front-year gained 1.15 euros to 38.15 euros/MWh.
* “Prices are rebounding on drier weather forecasts,” said Olav Grunde Lauvdal, portfolio manager at Ishavskraft.
* “A small increase in the coal price delivered to Europe for 2019 is lifting the short run marginal cost for coal-fired power”, Lauvdal added.
* European next-year coal prices rose $1.05 to $90.55 a tonne.
* Carbon front-year allowances firmed 0.66 euro to 18.23 euros a tonne.
* “Next week will be increasingly drier again with only the far west (of Scandinavia) partially remaining under Atlantic low pressure influence,” said Georg Muller, a meteorologist at Refinitiv.
* Nordic water reserves available 15 days ahead were seen at 5 terawatt hours (TWh) below normal, against 3.4 TWh below normal on Tuesday.
* The Nordic power price for next-day physical delivery , or system price, rose 0.61 euro to 48.68 euros per MWh at an auction on the Nord Pool exchange.
* In the financial market, the day-ahead contract was last traded at 48.60 euros per megawatt hour (MWh). Refinitiv analyst view: here here (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Mark Potter)