The aim of this research is to distinguish business risks that affect natural gas trading
companies operating in the liberalized natural gas market and to assess them according to the potential
impact on the aforementioned gas trading companies. To achieve this, a study of international
scientific literature and empirical research was conducted, as well as the methods of expert survey,
Analytical Hierarchy Process with different measurement scales and logical investigation. The research
of the business risks of natural gas trading companies reflected that natural gas trading companies in
the liberalized market distinguish in significantly different business risks’ portfolios from those that
operate under monopoly conditions. It was also found that it is difficult to evaluate the business
risks’ importance for the natural gas trading companies acting in liberalized markets because they
characterize in a hierarchical structure, which means that they are prone to cascading effects
