This report serves to inform investors about the evolving risks associated with the use of natural gas within the power sector. At a time when investors are paying increasing attention to power utilities’ exposure and contribution to climate change impacts, natural gas infrastructure build-out is expanding rapidly in the United States. As coal’s inevitable decline within the energy system continues, natural gas, which is largely replacing it, is a growing source of climate concern. In isolation, risks to future cash flow for individual projects may seem minimal, but examination in aggregate reveals a different picture – that investment in new natural gas infrastructure is incompatible with long-term shareholder and societal well-being.