Published 2 July 2026. 132 auction results across 8 interconnector-direction pairs.
The 2026 Q2 IRSR auction cycle produced 132 results across all five NEM interconnectors, with clearing prices showing sharp divergence in direction and magnitude compared to the prior quarter. The standout movement was on VIC–NSW (VIC1 direction), up 28.2% to an average of $10,100.78/unit, followed closely by VIC–SA (Heywood, VIC1 direction) up 17.4% and VIC–SA (Heywood, SA1 direction) up 22.3%. These increases point to the market pricing in greater expected congestion or price separation flowing toward Victoria from both its northern and western interconnections. In contrast, NSW–QLD (QNI, QLD1 direction) fell 20.0% quarter-on-quarter, the largest decline recorded, suggesting participants now expect a narrower price gap flowing into Queensland.
Sell-through rates varied considerably, from a fully subscribed Basslink (100% both directions) to a comparatively soft 64% on VIC–NSW (VIC1 direction) — notable given that same product recorded the quarter's largest price gain. This combination of rising clearing price alongside moderate sell-through indicates a market repricing risk upward without a corresponding surge in overall bidding volume clearing.
Average clearing price rose 6.3% to $6,848.49/unit, with a strong 88% sell-through rate across 1,195 units offered. The moderate price rise combined with high demand suggests participants continue to see meaningful, if not dramatically increasing, price differential risk flowing south into NSW.
This direction saw the quarter's sharpest fall, down 20.0% to $20,310.18/unit, though it remains the highest-priced product in the market by a wide margin. Sell-through eased to 70%, indicating the market still assigns substantial value to the QLD-bound spread but with reduced conviction relative to the prior quarter.
Basslink VIC1 cleared at an average of $11,198.09/unit with full 100% sell-through across all 1,548 units offered. No prior-quarter comparison is available, but complete subscription signals firm and consistent demand for exposure to the Tasmania–Victoria spread in this direction.
The TAS1 direction also cleared 100% of its 1,548 units, at a lower average of $6,698.41/unit. The full sell-through alongside a materially lower clearing price than the VIC1 direction suggests the market expects asymmetric price differential risk between the two flow directions.
Average clearing price increased 22.3% to $2,792.39/unit, though sell-through remained moderate at 77% of 1,554 units offered. The price gain outpacing subscription growth points to a re-rating of expected spread risk toward South Australia rather than a broad-based surge in demand.
This direction r
Data source: AEMO SRA Results (NEMWEB). Ingested weekly by gridIQ. Analysis generated by Watt AI (claude-sonnet-5). gridIQ does not participate in IRSR auctions and this report does not constitute financial advice.