The global gas industry is currently undergoing a transformation more dramatic than any other since the inauguration of the LNG trade. Price dynamics—first the possibility of LNG cargoes linked to cheap Henry Hub prices, and then the collapse of oil-linked prices as well—are only a small part of this. Flexibility in terms of uncommitted volumes and relaxation of previously sacrosanct contract terms covering take-or-pay volumes and destination clauses have grown, only to be met with deeper uncertainties over the future demand requirements in established markets, and an increasingly disparate universe of new market entrants. The role of gas in the generation stack—and the critical importance of carbon pricing to dislodge coal—is a key element to ensure gas remains on the growth track it has seen over the past two decades.