Nordic forward power prices climbed on June 8, with the front-quarter contract hitting a more than seven-week peak, driven by higher German prices and lower water reserves in the hydropower-dependent region.

The Nordic front-quarter baseload power contract rose 2.25 euros to 60.25 euros per megawatt hour (MWh) at 1015 GMT, its highest since April 19.

The Nordic front-year contract gained 0.62 euro to 70.25 euros/MWh.

Dry weather forecasts, low wind and the hydrological balance going down really fast are some factors helping Nordic rates, said Ivan Fore Svegaarden, founder and managing director at TradeWpower.

Nordic water reserves available 15 days ahead were seen at 19.07 terawatt hours (TWh) below normal, compared with 18.93 TWh below normal on June 7.

Weather is expected to be quite warm in the south and south-west of Scandinavia and temperatures to remain above reference for the entire 15-day period with mid next-week to get possibly even warmer, according to the Swedish Meteorological and Hydrological Institute.

Germany's Cal '24 baseload, Europe's benchmark contract, rose 8.25 euros to 125.25 euros/MWh.

Carbon front-year allowances firmed 0.91 euro to 84.45 euros a tonne.

British and Dutch gas prices rose helped by the extension of an unplanned outage at Norway's Hammerfest liquefied natural gas terminal to June 14 because of technical challenges.

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