Shulman Advisory helps foreign companies and other stakeholders thrive in the Japanese power industry. We utilize our deep understanding of the market’s structure and the regulatory environment, combined with our ability to bridge cultural, language, and other barriers between Japan and the rest of the world, to help make our clients’ businesses in Japan successful. Our primary areas of expertise are:

Electricity Wholesale and Retail

The deregulation of Japan’s electricity retail market in 2016 – which made 85 million residential and small business meters newly addressable – created the world’s largest liberalized electricity market, and with it, wide-ranging opportunity for electricity retailers, hardware and software providers, and a variety of others. With the growth of trading volume on the Japan Electric Power Exchange in the first few years of the market, followed by the introduction of electricity futures on the Tokyo Commodity Exchange in 2019 and power derivatives by the EEX Group in 2020, interest in the market on the part of international wholesalers and brokers is growing as well.

Energy Technology

Against the background of the promotion of renewables after the Fukushima Daiichi nuclear accident, combined with the deregulation of the electricity retail market, interest in new technologies and business models for electricity in Japan has never been higher across all industry segments, including not only utilities, but also renewable developers, retailers, real estate developers, solar installers, OEMs, tech startups, and investors.


Japan has an official target of 22% – 24% renewable generation (including hydro) by fiscal year 2030. Over the last decade, it has succeeded in increasing the share of non-hydro renewables from about 2% to north of 8% of total generation, primarily through a feed-in-tariff incentive program. The upcoming shift away from FIT to a feed-in-premium system creates opportunity for companies with expertise in controlling cost and maximizing return on investment, whether by technological means or through innovative business models. Further, the under-performance of many of the plants built during the early days of FIT has created opportunities to sell products and services to improve plant performance, as well as opportunities to acquire distressed assets at reasonable prices.

Market Entry Strategy and Support

As the first step, we can help you judge whether or not entering the Japanese market makes sense for your company – it’s not just a matter of finding the answers; it starts with asking the right questions. Should the answer be yes, we can provide you with the strategic and tactical insights and plans necessary to make your entry a success. Additionally, we can help you with the execution, by localizing your marketing and sales materials, helping you establish a local business entity, developing local relationships, and much more.

Partnership and M&A Target Identification

One of the best ways to create a presence in the Japanese market is by forming a partnership with an established local company or acquiring one. In either case, we can help you identify and screen target companies, establish initial contact with them, and facilitate the entire process until a partnership is successfully formed or an acquisition is complete.

Local Representation and Project Management

If you decide to enter the Japanese market but would prefer not to establish a full presence here immediately, we can help you in a variety of ways. We can serve as your local point of contact for Japanese customers and partners, assist you with marketing and sales within the country, and manage pilots and other projects for you until the growth of your business in Japan justifies hiring permanent staff and establishing a full-fledged local operation.

If you have any questions about the services and products described above – or if you are wondering whether we can help you with a project that doesn’t fit squarely into any of the above categories – get in touch with us at We have close partnerships with a variety of other firms whose expertise complements ours and broadens the scope of work we’re capable of.

In addition to providing services tailored to your exact needs, we also offer a variety of free and paid reports, as well as data products, detailing the Japanese power market. To learn more about those, click here.

If you are not ready to enter the market yet but would like to stay updated about developments in the Japanese power industry, make sure to subscribe to our newsletter.