In October 2012, the Ministry of National Development started a public consultation about the future operation model of the Hungarian natural gas market. The aim of this paper is the presentation and evaluation of feasible model alternatives for wholesale natural gas trading after 2015. The paper provides a detailed analysis of the national and regional prerequisites of a gas market model change, while also analysing the regulatory framework of the EU. Taking into account the opinion of industry players – both those received in written form and the ones communicated at in-person consultations – the paper presents and evaluates three possible business model alternatives. The impact assessment of the model alternatives, a presentation of the regional natural gas storage and wholesale markets, and also the results of the public consultation with industry players can be found in the paper’s Appendices. The minutes of the in-person consultations, the presentations, and the written comments are all accessible on the Ministry’s website.