Interconnector Watch: Sunday 19 April 2026
NEM-wide interconnectors are carrying significant cross-regional flows at 06:30 AEST, with QNI the standout story: NSW1-QLD1 is binding at its import limit of -696.15 MW, meaning Queensland is exporting 696 MW into New South Wales at the maximum constrained level. This binding constraint is directly suppressing QLD prices relative to NSW — Queensland sits at $98.80/MWh against NSW at $122.20/MWh, a $23.40/MWh spread that reflects the congestion rent being captured at QNI. Exports from Queensland cannot increase further despite the price incentive, and with no constraint notices issued, the binding condition is being managed within normal dispatch parameters.
On the Victoria–South Australia corridor, Heywood (V-SA) is carrying 455 MW from Victoria into South Australia against an export limit of 668 MW, placing it at 68% utilisation — substantial but not binding. Murraylink (V-S-MNSP1) adds a further 36 MW in the same direction. Together, the two interconnectors are pushing roughly 491 MW west, which is consistent with SA's premium price of $136.97/MWh versus Victoria's $126.05/MWh — a $10.92/MWh spread insufficient to fully close the gap but wide enough to drive near-capacity Heywood flows. SA demand of only 1,257 MW means this import volume is covering a material share of regional load.
VIC1-NSW1 (the VIC-NSW interconnector) is flowing just 20.72 MW northward from Victoria into NSW, and is binding at its import limit — effectively a negligible flow capped by a constraint rather than market economics. With Victoria at $126.05/MWh and NSW at $122.20/MWh, the modest price differential and binding import limit are consistent: the constraint is preventing Victoria from drawing more from NSW, though the appetite is minimal in any case. Basslink (T-V-MNSP1) is at zero flow with 254.9 MW of export headroom available to Victoria; Tasmania at $110.24/MWh has no price incentive to push energy north while Victoria sits $15.81/MWh higher, suggesting the zero flow reflects a dispatch or operational decision rather than a price signal. No constraint market notices are active across the NEM at this interval.