Interconnector Watch
NEM interconnector flows at 06:30 AEST show two binding constraints shaping the market. QNI (NSW1-QLD1) is flowing 690.1 MW northbound into Queensland and is hard against its import limit of 690.1 MW — fully constrained. Simultaneously, the Directlink MNSP (N-Q-MNSP1) is flowing 200.3 MW southbound into NSW and is also binding at 201.6 MW import limit. Together, these two constraints are capping the volume of energy that can move between NSW and Queensland in either direction, and the price outcome reflects this directly: NSW sits at $191.08/MWh against Queensland's $104.61/MWh — an $86.47/MWh spread that would otherwise attract significantly more northbound flow if the constraint were relaxed. No constraint market notices are currently active despite both interconnectors binding.
On the southern interconnectors, conditions are loose. VIC-NSW is carrying 129.9 MW northbound from Victoria into NSW, well within its 907.05 MW export limit and not binding. That modest flow is consistent with Victoria ($179.92/MWh) trading slightly below NSW, though the spread is narrow enough that flows aren't being pushed harder. Heywood (V-SA) is carrying just 11.4 MW from Victoria into South Australia with substantial headroom on both sides, and Murraylink (V-S-MNSP1) is at zero flow. SA at $175.22/MWh is within $5/MWh of Victoria, which explains the near-idle interconnector state — there is no material arbitrage incentive driving flows across either Victorian-SA link at present.
Basslink (T-V-MNSP1) is exporting 211.3 MW from Tasmania into Victoria, operating within its 350 MW export limit and not binding. Tasmania at $128.04/MWh is exporting into Victoria at $179.92/MWh, a $51.88/MWh spread that is pulling hydro energy northbound through the cable. With export headroom of roughly 139 MW remaining, Basslink has capacity to increase flow if the Victorian price rises further during the morning demand ramp. No losses data is available in the current dataset for any interconnector, so gross-to-net flow differentials cannot be assessed this interval.