Interconnector Watch

Four of the six monitored interconnectors are carrying flows of note at 06:30 AEST, with three running hard against their limits and directly shaping today's regional price landscape.

VIC-NSW (VIC1-NSW1) is the dominant flow today, pushing 861 MW northward from Victoria into New South Wales at its export limit — the interconnector is binding. This aligns directly with the $59/MWh price gap between the two regions: Victoria sits at $12.09/MWh against NSW at $71.40/MWh, making northward arbitrage the obvious market outcome. The constraint on this link is preventing Victorian surplus from fully clearing the NSW price down. QNI (NSW1-QLD1) is simultaneously binding at its import limit of -248.68 MW, meaning flow is moving south from Queensland into NSW at the cap. With QLD at $69.29/MWh and NSW at $71.40/MWh the spread is narrow, and the binding import constraint on QNI is keeping that differential from collapsing entirely.

On the South Australian links, both Heywood (V-SA) and Murraylink (V-S-MNSP1) are exporting from Victoria into SA. Heywood carries 67.51 MW and is binding at its export limit; Murraylink carries 170.17 MW, also binding at its export limit. Despite both interconnectors running at capacity into SA, the state price holds at $103.44/MWh — the highest on the mainland — indicating that constrained transfer capacity is insufficient to close the $91/MWh spread with Victoria. SA demand at 1,385 MW is relatively modest, so the price signal reflects supply-side tightness within the region rather than a demand spike. Basslink (T-V-MNSP1) is flowing 13 MW from Tasmania into Victoria — well inside its -41 MW import limit and not binding — contributing marginally to Victoria's surplus pool. TAS prices at $87.04/MWh sit above Victoria's, consistent with this modest export flow. No constraint market notices are current across the NEM.