Interconnector Watch: Friday 11 September 2026

Interconnector flows across the NEM are unbound this morning, with no active binding constraints across any of the six links as of 06:30 AEST. Utilisation is moderate rather than stressed: QNI (NSW1-QLD1) is the standout, carrying 774.53 MW from QLD into NSW, equivalent to 80% of its 973.87 MW import limit, while the smaller Directlink adds a further 33 MW NSW-to-QLD in the same direction. Basslink is exporting 196.45 MW from Tasmania into Victoria, above its 168.91 MW import limit reference point but still comfortably under its 380 MW export cap. Heywood (V-SA) is flowing 65.32 MW into SA at its import limit boundary, while Murraylink sits idle at just 6.12 MW VIC-to-SA. VIC1-NSW1 shows a modest 38.45 MW southerly flow into Victoria.

These flows are broadly consistent with today's price spread. NSW1 is the highest-priced region at $96.99/MWh, VIC1 close behind at $95.35/MWh, with QLD1 the cheapest mainland region at $84.54/MWh. That gap is exactly what's driving the strong QNI import into NSW — cheaper QLD generation is flowing south to help meet NSW demand of 7,128.65 MW, the highest in the NEM. Tasmania at $89.75/MWh is exporting into Victoria despite Victoria's higher price, reflecting Basslink's role in moving low-cost Tasmanian generation north regardless of the modest spread. SA1 at $91.4/MWh is drawing a small net import via Heywood, consistent with SA sitting mid-pack on price with comparatively low demand (1,268.04 MW).

No constraints are currently binding, but the negative residue history is worth flagging. NRM_NSW1_VIC1 and NRM_VIC1_SA1 constraint sets have each triggered and been cancelled multiple times over the past 48 hours (most recently NRM_NSW1_VIC1 ceasing at 16:00 on 11 September), reflecting recurring settlement residue accumulation on the VIC1-NSW1 directional flow. With VIC1-NSW1 currently only lightly loaded at 38.45 MW and price spreads between the two regions narrow ($95.35 vs $96.99/MWh), residue risk looks low for now, but the pattern of intermittent triggering this week means further NEGRES constraint activations remain plausible if flows or spreads shift materially through the day. WA1, outside the NEM proper, is separately priced at $74.33/MWh with no demand data reported for this interval.