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UK GAS-Prompt prices rise as imports from Norway drop

* Market undersupplied by 5.4 mcm

* Imports from Norway through Langeled drop

LONDON, Feb 29 (Reuters) - British spot gas prices edged higher Monday as lower imports from Norway left the British gas system undersupplied.

Gas for within-day delivery gained 0.30 pence to 30.55 pence per therm at 0930 GMT.

With (Other OTC: WWTH - news) supply flows at about 299.5 million cubic metres (mcm) and demand expected to be 304.9 mcm, Britain's gas system was 5.4 mcm undersupplied, National Grid (LSE: NG.L - news) data showed.

Imports from Norway via the Langeled pipeline dipped to about 50 mcm/day on Wednesday, compared with about 60 mcm over the weekend and down from its full capacity of 70 mcm, as more gas was exported to continental Europe.

Gas prices for day-ahead delivery slipped 0.15 pence to 30.20 pence per therm. (TRGBNBPD1 )

Traders said high forecasts for wind power output had dampened gas demand expectations for Tuesday.

Peak wind power generation was forecast to reach 7 gigawatts GW) of electricity on Tuesday, up from 5.2 GW on Monday, National Grid data showed.

Further out on the curve, the Winter '16 contract fell 0.20 pence to 33.70 pence per therm.

"Short supply has pushed the prompt price up but we have enough confidence in supplies moving forward... I don't really see any upside at present," a gas trader said.

In the Netherlands, day-ahead gas at the TTF hub rose 0.13 euros to 12.38 euros per megawatt-hour.

In Europe's carbon market, the front-year EU Allowance price fell 0.10 euros to 4.90 euros a tonne.

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