Interconnector Watch

At 17:35 AEST, no interconnectors across the NEM are binding, and no constraint notices are active. The dominant flow is QNI carrying 666.71 MW south from Queensland into NSW — running at 62% of the 1,081 MW import limit — consistent with QLD's lowest regional price at $95.99/MWh versus NSW at $105.79/MWh, a $9.80/MWh spread driving the arbitrage. Heywood (V-SA) is pushing 281.47 MW west from VIC into SA, utilising 48% of its 588.82 MW export capacity, with SA's $106.24/MWh sitting $4.96/MWh above VIC's $101.28/MWh — the spread is narrow enough to explain the moderate utilisation. Murraylink (V-S-MNSP1) is at its 94 MW import limit flowing VIC-to-SA, technically at ceiling but flagged non-binding, suggesting the constraint is not currently market-active.

Basslink (T-V-MNSP1) is flat at 0 MW despite TAS commanding the highest regional price at $115.04/MWh — a $13.76/MWh premium over VIC. Zero flow on a cable with a 125 MW export capability and a material price incentive warrants attention; this likely reflects an outage, scheduled maintenance, or hydro dispatch decisions in Tasmania suppressing export offers. Traders should monitor Basslink availability closely — any resumption of southward flow would pressure VIC prices and partially close the TAS-VIC spread. VIC-NSW (Interconnector) is carrying just 28.02 MW north from VIC into NSW, well within its 879.68 MW export headroom, reflecting the tight $4.51/MWh NSW-VIC spread which limits strong directional arbitrage.

N-Q-MNSP1 (Directlink) is flowing 33 MW north into QLD, at 29% of its 114.3 MW import capacity — a modest counter-flow given QLD is already the cheapest region, suggesting Directlink dispatch is driven by contracted or cost-based factors rather than pure spot arbitrage. Losses data is absent across all interconnectors in this interval. With no binding constraints and no market notices, inter-regional price spreads are moderate and flows are broadly rational — the key watch point for today's session is Basslink's status and whether the TAS premium attracts any southward dispatch as morning demand builds.