Summary
Japan liberalized its electricity market by closely emulating overseas models – captured almost like a “photograph” – in the belief that competition would serve consumer interests.
Yet, as a latecomer, Japan discovered earlier than expected that marketization under an active energy transition is far more complex than those images – overseas models suggested.
The challenge ahead is not whether markets should exist, but whether institutional design can evolve fast enough to remain fair, transparent, and resilient in a rapidly changing energy landscape.
Disclaimer: The views expressed in this column are solely those of the author, based on personal experience and professional observations in the energy industry. They do not represent the views of any organization with which the author has been affiliated.