Your thinking sounds correct.

So, at the supply end, the current is the load current summed (allowing for phase) with that charging all the cable capacitance - if you like the load and the full capacitance are in parallel. As you go along the cable, the same capacitive ("displacement") current flows between live core and ground in each metre of length,, and so by the time you get halfway along the cable, the displacement current is halved, as only the cable on the load side of half way along has not already been charged - in effect the charging current contribution to the total core current tapers off linearly along the line.

Another way to look at this, is that there is a critical cable length, for any given voltage, where all the cable's current rating is used in charging and discharging the cable further along.

Clearly we need to be no-where near that limit, and want to use most of the cable current rating for power we can use at the far end. Therefore the maximum length between compensation stations must be quite a bit less than the critical length....

It is perhaps helpful to conjour with some representative numbers - if we have a cable where core and screen are rated for say 1kA, then casting an eye over the cable book, we might expect 100pf to 200pF per metre of length, or re-expressed more usefully 0.1 to 0.2uF per km.

At 50Hz,  1uF looks like about 6000 j ohms. At mains voltages we would not blink at that, but at your example voltage of 132kV that means every  1uF of cable - between 5 and 10km depending on construction,  draws more or less 45 amps .

So, a 1000A line of 20uF capacitance, - 100-200km length, would use all of its current carrying capability, just on cable capacitance, and it could not support any load at all. And as the voltages go up, the maximum lengths come down, pretty much pro-rata. (not  quite, the higher rated cable have thicker insulation, so a lower capacitance per metre, but not by a lot)

As an aside, this is a technical reason  why overhead lines (tens of pF per metre, rather than hundreds) are so much easier for long runs, ignoring the digging...

DC anyone ?

Mike