A study presented at the National Hydrogen Association's conference in Long Beach, CA, suggests that hydrogen could offer a market opportunity for the natural gas industry. The ongoing research, led by Gerry Runte from ARES Corp, explores the role of hydrogen in the natural gas industrial cycle, particularly focusing on distributed generation. Gas distribution companies, including major utilities like Sempra Energy's Southern California Gas Co., are being encouraged to explore fuel cell applications. While traditional hydrogen options are being ruled out, the study emphasizes the potential for gas distributors to invest in hydrogen applications for both energy services and hedging purposes. The research also considers various investment strategies, such as business-as-usual and research/development projects, while noting the impact of government policies and technological advancements. The study underscores the need for a comprehensive assessment of the market dynamics and policy implications in integrating hydrogen into the natural gas industry.