Interconnector Watch

Six interconnectors are active across the NEM at 06:35 AEST, with no binding constraints in the current dispatch interval — though active market notices point to ongoing transmission limitations affecting Queensland's northern corridor.

VIC1-NSW1 (Heywood's mainland equivalent, the VIC–NSW interconnector) carries the largest flow at 667 MW northward from Victoria into New South Wales, running at 62% of its 1,082 MW export limit. This flow is consistent with Victoria's $161.84/MWh price sitting $24.50/MWh below NSW's $186.34/MWh — the spread is sufficient to drive sustained northward transfer. The NSW1-QLD1 interconnector (QNI) is flowing 266 MW southward from Queensland into NSW, with Queensland priced at $180.66/MWh against NSW's $186.34/MWh; the modest $5.68/MWh differential reflects near-parity between the two regions. Heywood (V-SA) is flowing 230 MW into South Australia and is sitting exactly at its import limit of 229.67 MW — the data shows import limit equals flow, indicating this interconnector is effectively at its constrained ceiling on the SA import side, despite not being flagged as formally binding. SA's price at $153.74/MWh is $8.10/MWh below Victoria's, which is an atypical inversion for an importing region and warrants monitoring. Murraylink (V-S-MNSP1) carries a minor 17 MW westward flow into SA and is at its export limit of -16.69 MW, again sitting at the constraint boundary. Basslink (T-V-MNSP1) exports 199 MW from Tasmania to Victoria, above its stated import limit of 170 MW — this apparent exceedance of the listed limit should be read in the context of directional limit definitions, but the 199 MW flow against Tasmania's lowest NEM price of $130.38/MWh and Victoria's $161.84/MWh confirms a $31.46/MWh arbitrage driving Tasmanian export. The Directlink (N-Q-MNSP1) carries a negligible 9 MW southward flow into NSW and is well within limits.

The active constraint notice Q-LCCP_8859, invoked following the unplanned outage of the Larcom Creek–Calliope River 275 kV line on 5 April, remains in force and constrains both N-Q-MNSP1 and NSW1-QLD1 via the LHS equations in constraint set Q-LCCP_8859. This is compressing QNI's northward export capability and is a factor in why Queensland's $180.66/MWh price sits close to NSW rather than at a larger premium. Traders should note QNI's northward export limit is 736 MW — current flow of -266 MW (southward) means Queensland is a net exporter to NSW, not an importer, so the northern Queensland network constraint is limiting the capacity available to push energy further south or to alter the directional balance on QNI.

A settlements residue notice for VIC1-NSW1 is technically still marked active in the system, though AEMO cancelled the NRM_NSW1_VIC1 negative residue constraint at 15:00 on 4 April. The constraint is no longer operating, but the notice's active status means it warrants confirmation before taking positions that rely on