From a once nearly worthless by-product to a critical energy resource, natural gas forms a vital pillar in global energy production. With advancements in storing and transporting gas as liquified natural gas (LNG), its potential continues to expand. However, this fossil fuel's role in the energy landscape remains necessary. The relationship between power and gas prices is tightly interlinked, with gas often setting the marginal price in wholesale markets. But what factors contribute to the volatility of gas prices? How do geopolitical events shape the market? How does speculation influence gas prices— and have we passed the point of useful speculation?In this episode, Seb Kennedy, Founding Director of Energy Flux, joins Quentin to unpack the complexities of natural gas, the global gas markets, and gas's evolving role as we work towards decarbonizing our energy supply. Throughout their discussion, they explore:

• An overview of natural gas, from extraction and transportation to pricing.
• Gas demand trends in Europe and the rise of LNG.
• Impact of decarbonization on gas demand in Europe
• The drivers of price volatility and the role of speculation in the market.
• The extent speculation influences gas prices - how much is too much?

About our guestEnergy Flux is a 100% editorially independent newsletter that analyses global natural gas markets, energy economics and geopolitics through the lens of Europe’s net-zero journey. Founded by Seb Kennedy, a freelance energy journalist and market analyst who is using data to carve out engaging narratives about the economics of decarbonisation. For more information on Energy Flux - head over to the website or check Seb out on LinkedIn or X.About Modo EnergyModo Energy provides forecasts, benchmarking, data, and insights for new energy assets - all in one place.Built for analysts, Modo helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets. Modo’s paid plans serve more than 80% of battery storage owners and operators in Great Britain and ERCOT.All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on Linkedin or Twitter. Check out The Energy Academy, our video series of bite-sized chunks explaining how different battery energy storage systems work. For more information on how gas prices affect power price, check out our written research.