Performance and Policy Implications of Retail Electricity Market Liberalization in Japan under the Energy Crisis

Yunji Her; Yeonjei Jung

doi:10.32390/ksmer.2026.63.1.183

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2026 Vol.63, Issue 1S Preview Page Next Page

Technical Report

Performance and Policy Implications of Retail Electricity Market Liberalization in Japan under the Energy Crisis 에너지 위기 관점에서 본 일본 소매 전력시장 자유화의 성과와 시사점

28 February 2026. pp. 183-189

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Abstract

This study evaluates liberalization of Japan’s retail electricity market, using the 2022 global energy crisis as a “stress test” alongside the government’s 2025 verification results. While liberalization successfully expanded consumer choice, the crisis exposed critical structural vulnerabilities in market design. The analysis reveals that the heavy reliance of new entrants on spot markets and asymmetric procurement structures, compared with incumbent utilities, led to significant instability. Furthermore, the coexistence of regulated and liberalized tariffs distorted price signals during the crisis. The findings indicate that retail competition alone cannot ensure price stability or supply resilience during severe external shocks. Japan’s experience highlights that sustainable market reform requires not only deregulation but also robust procurement mechanisms, rational tariff design, and strong regulatory governance to function effectively under crisis conditions.

Keywords

electricity market liberalization

energy crisis

power procurement

tariff regulation

regulatory governance

본 연구는 2022년 글로벌 에너지 위기를 스트레스 테스트로 활용하여 일본 전력 소매시장 자유화의 성과와 한계를 분석하고, 2025년 정부 검증 결과를 토대로 정책적 시사점을 도출하였다. 분석 결과, 소매시장 자유화는 소비자 선택권을 확대하는 성과를 거두었으나, 위기 국면에서는 신전력사업자의 과도한 현물시장 의존과 조달 구조의 비대칭성으로 인해 시장 불안정성이 증폭되었다. 또한 자유요금과 규제요금의 병존 구조는 가격 신호를 왜곡하여 위기 대응력을 약화시켰다. 본 연구는 소매 경쟁 도입만으로는 외부 충격에 대한 공급 안정성과 가격 안정을 담보하기 어려움을 확인하였다. 따라서 향후 전력시장 개편 시에는 단순한 시장 개방을 넘어, 안정적 전력 조달 메커니즘, 합리적 요금 규제 설계, 그리고 공정 경쟁을 감시할 강력한 규제 거버넌스 구축이 필수적임을 제언한다.

키워드

전력시장 자유화

에너지 위기

전력 조달 구조

요금 규제

규제 거버넌스

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Information

Publisher :The Korean Society of Mineral and Energy Resources Engineers
Publisher(Ko) :한국자원공학회
Journal Title :Journal of the Korean Society of Mineral and Energy Resources Engineers
Journal Title(Ko) :한국자원공학회지
Volume : 63
No :1
Pages :183-189
Received Date : 2026-01-05
Revised Date : 2026-01-22
Accepted Date : 2026-01-28
DOI :https://doi.org/10.32390/ksmer.2026.63.1.183

Journal of the Korean Society of Mineral and Energy Resources Engineers ISSN:2288-0291(Print) 2288-2790(Online) 한국자원공학회지

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