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This dissertation was written as part of the MSc in Energy Law, Business, Regulation and Policy at the International Hellenic University. Under specific derogations from the European energy law, the natural gas market in Greece, specifically as regards the distribution activity, was far from being liberalized, until the voting of L. 4336 in August 2015. The natural gas market reform, imposed by the Greek Third Bailout Package of August 2015, has significant impact on EPAs’ concession agreements and shareholders’ value, but also presents significant challenges at legal, regulatory, strategic and operational level. The companies were transformed from their previous organizational model to a fully regulated network activity under strict regulatory oversight and a competitive supply activity, along with abolishment of their exclusive rights to distribute and supply natural gas in their license areas. Gradual eligibility for all natural gas consumers until the end of 2017 is another important provision of the law. Moreover, the law provides for a fully competitive environment for the supply activity, a new licensing regime, issue of distribution code and regulations, and regulated distribution tariffs, under the competence and control of the Regulatory Authority for Energy. The purpose of my dissertation is to highlight the recent developments in the national legal framework regarding the liberalization of the natural gas market in Greece, focused on the distribution and retail market supply activity, along with the impacts and challenges for the natural gas companies. In this context, the general aspects of European and national energy law concerning upstream activities, i.e. natural gas production and transmission, and aspect s of security of supply and cross- border trade are not examined in the present paper. Hence, this dissertation describes the main legislative and regulatory provisions prior to and after the aforementioned law. Chapter 1 is an introduction to the subject. The previous legal framework, on a European and national level is described in Chapter 2, focusing on the derogations from the European directives, as applied in national legislation and on the natural gas market. Chapter 3 refers to the current legal -iv- framework, namely the third liberalization package and its transposition to the national Energy Law 4001 in 2011. Chapter 4 presents the new pieces of legislation passed by the Greek government in 2015 and afterwards, namely L. 4336/2 015 and its amendments. The new framework and its legal aspects are analysed in a critical manner, presenting in addition the challenges it poses for the market players, especially the gas supply and distribution companies, formerly known as EPAs. Finally, key conclusions are presented in Chapter 5 of the dissertation