Interconnector Watch: Saturday 27 June 2026

At 06:30 AEST, the Queensland-New South Wales Interconnector (QNI) is the standout feature across the NEM, carrying 1,003 MW northward from NSW into Queensland and sitting within 36 MW of its 1,039 MW import limit — the only binding interconnector on the network right now. That constraint is directly reflected in the NSW–QLD price spread: NSW clears at $86.48/MWh against Queensland's $72.50/MWh, a $13.98/MWh differential that QNI cannot fully arbitrage away while bound. Directlink (N-Q-MNSP1) adds a further 65 MW northward to Queensland but remains well within limits, though the active constraint notice I-CTRL_ISSUE_TE — in place since 20 June due to control unavailability — continues to cap its operational flexibility.

On the Victorian corridors, Heywood (V-SA) is carrying 293 MW westward from Victoria into South Australia, utilising 58% of its 508 MW import limit with no binding constraint. Murraylink (V-S-MNSP1) runs 27 MW in the same westward direction, also unbound, though an active constraint set (N-BU_7118) remains invoked following the Buronga B Bus 7118 220kV isolator rating change on 23 June, which continues to affect Murraylink's transfer limit. SA sits at $72.37/MWh against Victoria's $80.50/MWh — an $8.13/MWh spread consistent with net exports flowing from the lower-priced region into Victoria, though congestion effects and the Murraylink constraint are preventing full price convergence. The Basslink interconnector (T-V-MNSP1) sits at zero flow between Tasmania ($70.22/MWh) and Victoria ($80.50/MWh), a notable gap given the $10.28/MWh price differential; traders should note whether this reflects a scheduled outage, operator decision, or binding network condition not yet captured in the current dispatch interval.

The VIC–NSW interconnector carries 219 MW northward from Victoria into NSW, utilising 33% of its 660 MW export limit and running unbound. The negative settlement residue constraint NRM_VIC1_NSW1, which operated briefly on 23 June, is still listed as active in the market notice register — traders holding settlement residue positions on this corridor should confirm current AEMO status, as residue accumulation on this direction has been episodic this week. Loss data is not reported across any interconnector in the current interval, limiting precise net transfer calculations. Overall, the binding QNI constraint is the dominant price-shaping dynamic this morning, with the southern corridors operating with headroom but subject to several active network limitations that compress effective transfer capacity below nameplate ratings.