Nordic forward power prices fell on Monday, with the front-quarter contract set for its worst day since early April, on wetter weather outlook and a jump in water levels in the hydropower-dependent region.

 

* The Nordic front-quarter baseload power contract fell 6.22 euros, or 11.41%, to 48.28 euros per megawatt hour (MWh) as of 1023 GMT.

* The Nordic front-year contract lost 2.35 euros to 52.90 euros/MWh.

* "The persistently wet summer weather remains the main topic on the market at the moment, and we could very well see further losses where low spot prices due to windy weather adds to the downside," analysts at Energi Danmark wrote in a daily note.

* Nordic water reserves available 15 days ahead were seen at 10.06 terawatt hours (TWh) above normal, compared with 3.34 TWh above normal on Friday.

* "The cyclone from central-eastern Europe has moved into southern Scandinavia and will continue to bring abundant rains and strong winds for the next 3 days," Marcin Gorski, meteorologist at Refinitiv, wrote in a daily forecast note.

* Piling on more pressure, German baseload for 2024 delivery , Europe's benchmark contract, fell 0.25 euro to 133.25 euros/MWh.

* Carbon front-year allowances eased 0.45 euro to 83.20 euros a tonne. (Reporting by Ananya Bajpai in Bengaluru Editing by Vinay Dwivedi)