Hungary’s natural gas market has been singularly dominated by the Panrusgaz legacy contract since 1996, and although its expiration is delayed until closer to 2018, it is easy to see that the new agreement will be negotiated on entirely different terms. This is due to an ad hoc agreement between Hungary and Russia that will extend the terms of the contract for Hungary to purchase the take-or-pay (TOP) deficit that accumulated over the past few years. Like other Central and Southeast European (CSEE) countries, Hungary has benefited from the rising tide of interconnectivity and hub-based trading across Europe that has enabled diversification of supply in Hungary and undermined the utility of long term buyer-side commitments of the past. With demand unlikely to rebound to pre-crisis levels in the medium-term and more competitive import capacity than ever before, Hungary must consider how a new arrangement with Gazprom will contribute toward the reshaping of its domestic market.