Contact Details

1 Nakaadachi-cho, Yoshida, Sakyo-ku, Kyoto 606-8306, JAPAN
e-mail nagayama.hiroaki.3a* * with @)

Current Position: Professor, The Institute for Liberal Arts and Sciences, Kyoto University
Dr. Nagayama has gained over 20 years of working experience as a management consultant and energy economist at Mitsubishi Research Institute, Inc. Dr. Nagayama holds an MBA from Yale University, and a PhD.(Energy Science) from Kyoto University. He is currently a Council member of METI (Ministry of Economy, Trade and Industry): “Committee of Large-volume Introduction of Renewable Energy and Next-generation Power Grid ”

Research Interest: International comparison of energy policy (mainly electric power), electric power business management, electric power policy, international cooperation of electric power business management


Ph.D. in energy science
Kyoto University
Yale University
BEc in Economics and Econometrics
Keio University


• Title of Doctoral Dissertation : Power Sector Reforms in Developing Countries


• ISHII MEMORIAL SECURITIES RESEARCH PROMOTION FOUNDATION, “ Research on securitization of interregional interconnection lines for renewable energy”, 2017
• Grant-in-Aid for Scientific Research(C)” Policy evaluation for competitive market integration of renewable energy in Europe and lessons for Japan”, Represent, 2016 - 2019
• Trust Forum Foundation, ”Institutional design for a fund to fund expenses such as disposal of solar panels using a trust method”, 2017
• Grant-in-Aid for Scientific Research(C)”Governance evaluation and index construction of electric power business system, application to Japan's electric industry”, Represent, 2013 - 2015
• Trust Companies Association of Japan, ”Best practice research related to the utilization of trust methods for electric power projects”, 2012
• The Murata Science Foundation, Hiroaki Nagayama “Comparative analysis of the power industry structure in major Southeast Asian countries (Thailand and Philippines) and Japan”
• Grant-in-Aid for Scientific Research(C)’ Identification of key performance indicators for electricity sector liberalization and application to major Southeast Asian countries”, 2010 - 2012
• The Mitsubishi Foundation, Hiroaki Nagayama, “Joint research on policy cooperation for the spread of low-carbon load vehicles in major Indochinese countries (Thailand)”, 2009
• Yuasa Foundation for International Education Exchange, Hiroaki Nagayama, “Joint research on policy cooperation for the spread of low-carbon load vehicles in major Indochinese countries (Vietnam)” 2009
• Japan Securities Scholarship Foundation, Hiroaki Nagayama, “Research on long-term environmentally friendly power source composition in Indonesia”, 2008


• Post-COVID Impact on Vietnam, Cambodia and Myanmar's Electricity Sector
• The business management of electric power corporations in developing countries
• Renewable energy policy in Japan
• How to charge the transportation fee in Japan
• Policy cooperation for mass introduction of renewable energy in developing countries
• The transfer of the principles of commercial nuclear power decommissioning schemes from the US to Japan


Toyo Keizai, Inc Kamekichi Takahashi Award, Hiroaki Nagayama, “Proposal for reorganization of Japanese electric power business”, 2012


Professor October 2020 - Present
Graduate School of Advanced Integrated Studies in Human Survivability, Kyoto University

Professor April 2008- September 2020
The Institute for Liberal Arts and Sciences, Kyoto University

Independent Consultant January 2008 - March 2008
Senior Consultant May 2007 - December 2007
Mitsubishi Research Institute, Inc.
Visiting Scholar August 2004 - August 2005
Department of Applied Economics, University of Cambridge (UK)
Senior Consultant July 1992 - December 2007
Mitsubishi Research Institute, Inc.
Research Associate April 1988 - February 1990
Industrial Economics Department, Mitsubishi Research Institute, Inc.

He was a reviewer for research proposals for the World Bank and served as referee for major energy-related journals such as Energy Policy, Energy Journal and Journal of Energy Engineering.


• Iran: Electricity Master Plan
• Philippines: Electricity Master Plan
• Myanmar: Electricity Master Plan
• Pakistan: Electricity Sector Survey, DPL Negotiations (Pakistan Government, World Bank, ADB)
• Laos: Electricity Sector Survey
• Egypt, Philippines, Vietnam: Energy Conservation Policy System Survey
• Ghana: Development of training system for electric power engineers
<Ministry of Economy, Trade and Industry>
• Sri Lanka: Presentation at OECD Consultation Meeting to Implement Upper Kotomale Hydropower Plant with Japanese Tide Yen Loan
• Panama: Electricity Master Plan
<World Bank>
• Proposal review
• Policy recommendations on China’s clean call technology
• IPP PPA Agreement Review in Tunisia
• Latin America Electricity Sector Survey
• Survey of China Gwangmyeong Process (Solar Power Generation Development Plan)
• Gansu, Xinjiang Uighur, Inner Mongolia Renewable Energy Master Plan
• A society that uses hydrogen derived from renewable energy


• Agency for Natural Resources and Energy, “Renewable Energy Main Power Supply System Reform Subcommittee”, Member, September 2019 - Present
• Agency for Natural Resources and Energy, “Mass Introduction of Renewable Energy / Next Generation Power Network Committee”, April 2018 - Present
• Agency for Natural Resources and Energy, “Study group on policy issues in the era of mass introduction of renewable energy”, Member, May 2017 – April 2018
• New Energy and Industrial Technology Development Organization (Energy management), April 2016 – March 2018
• Medium-to-long-term plan review WG, Japan Coal Energy Center (JCOAL) , February 2015 - March 2016
• New Energy and Industrial Technology Development Organization (India Smart Community Demonstration Project), October 2014 – March 2016
• 関西広域連合(Union of Kansai governments)” Opinion exchange meeting on medium-to-long-term energy policy”, Professional Member, May 2013

PRESENTATIONS (All in Japanese)

• “Introduction of FIP system in Europe ・ Suggestions for Japan ”Japan Photovoltaic Energy Association, Photovoltaic power generation symposium session3 “What is the FIP system for making solar power the main power source?”, November 2020
• Renewable Energy Association for Sustainable Power supply (REASP), ”FIP system in other countries and Japan”, August 2020
• Global Environment Technology Research forum, “European renewable energy policy”, July 2019
• Hitachi Mitsubishi Hydro Corporation Hydropower engineer lecture, ”Value of pumped storage power plant”, June 2019
• Hitachi Mitsubishi Hydro Corporation Hydropower engineer lecture, ”Pumped storage power generation business in Europe” July 2018
• Pumped Storage Power Generation Value Improvement Technology Study Group, “Operational issues and value improvement measures for pumped storage power plants in Japan and overseas”, January 2018
• IEA Implementing Agreement for Hydropower Technologies and Program Domestic Report Meeting, ”About the value of hydropower -Case of pumped storage power plant in Europe”, January 2018
• Energy Business Net Study Group, ”Challenges for mass introduction of renewable energy in Europe”, December 2017
• Japan Photovoltaic Energy Association, ”New power business model emerging in Europe”, October 2017
• IEA Implementing Agreement for Hydropower Technologies and Programme Domestic Report Meeting “Value to be evaluated for hydropower after power system reform”, January 2017
• Marine Inverse Dam Society, ”Market and pumped storage power generation in the era of mass introduction of renewable energy”, August 2017
• Agency for Natural Resources and Energy, Study group on policy issues in the era of mass introduction of renewable energy “European response to the rapid increase in renewable energy and lessons for Japan”, June 2017
• “European Electricity System Reform and Renewable Energy UK Renewable Energy Policy, ”Kyoto University Graduate School of Economics Renewable Energy Economics Course Symposium, February 2017
• New Energy Foundation Overseas Electric Power Study Group, IEA Implementing Agreement for Hydropower Technologies and Programmes t Domestic Report Meeting, Basic Seminar, ”Value to be evaluated for hydropower after power system reform”, January 2017
• Kobe City, Environmental conservation class, ”Electricity business restructuring - Social and economic changes and business opportunities, ”March 2014
• “Korea Global Human Resource Development Dream Tour”Kyoto Youth Hostel Association, January 2014
• “Global management of apparel companies”, NUC seminar, September 2013
• “Implications for the uniform industry”, NUC seminar, June 2013
• Hiroaki Nagayama “Electricity business restructuring - Approach from international comparison”, Industrial Society National Study Group,2013/06/09
• “Japan's Electric Power Industry: Recommendations for Reforms After the Fukushima Nuclear Accident Energy shift in Japan and Germany-renewable energy, electricity liberalization, regional revitalization, May 2013


Iran Clean Energy Overall Plan Development Project, JICA, 2019


<Sole author>
• Hiroaki Nagayama “Japanese Electricity Industry: Recommendations for Restructuring, ”The Electricity Journal, Vol 24, Issue 10, pp 79-90, 2011
• Hiroaki Nagayama “Impacts on Investments, and Transmission/Distribution Loss through Power Sector Reforms” Energy Policy 38 pp 3453-3467, 2010
• Hiroaki Nagayama ”Electric Power Sector Reform Liberalization Models and Electric Power Prices in Developing Countries, An Empirical Analysis Using International Panel Data “ Energy Economics, 31, pp 463-472, 2009
• Hiroaki Nagayama “Effects of Regulatory Reforms in the Electricity Supply Industry on Electricity Prices in Developing Countries “,Issue 6, pp 3440-3462, Energy Policy, Volume 35, 2007
• Hiroaki Nagayama “Proposal of system design related to fund for saving costs such as disposal of solar panels using trust method - Proposal of design, ”Development Engineering, Vol 26, 2020 pp33-46 (in Japanese)
• Hiroaki Nagayama “Response to electricity tariff deficit in Portugal and application of securitization scheme to Japan and developing countries, ” Development Engineering, 25, 1-19,2019 (in Japanese)
• Hiroaki Nagayama “Future strategies for operational issues and changes in market structure of pumped storage power plants in Japan and Europe, ” Development Engineering, 24, August 2018 (in Japanese)
• Hiroaki Nagayama ,”Nuclear power decommissioning scheme using trust in the UK and lessons for Japan”, Trust Companies Association Resulting Paper, 37, 54-87, November 2016 (in Japanese)
• Hiroaki Nagayama, “Finance for nuclear power in the UK”, Journal of Commerce and Economics, 84, 67-90, April 2016 (in Japanese)
• Hiroaki Nagayama, “Consideration on reduction of electricity subsidies in the electricity sector of developing countries”, Journal of Commerce and Economics, 85, 2, 63-80,October 2016 (in Japanese)
• Hiroaki Nagayama “Measures to secure supply capacity and stabilize supply and demand adjustment in competitive markets” Electrical Review, 4, 25-34,April 2016 (in Japanese)
• Hiroaki Nagayama “Electricity liberalization and nuclear power in the UK and lessons for Japan, ” Development Engineering, 21, 35-67,July 2015 (in Japanese)
• Hiroaki Nagayama “Analysis of efficiency of Japanese and Korean electric power businesses and analysis of effects of power transmission and distribution business integration ” Development Engineering, 20, 1-15, June 2014 (in Japanese)
• Hiroaki Nagayama “Electricity Business Restructuring-Approach from International Comparison” Annals of the Society for Industrial Studies 13-33, March 2014 (in Japanese)
• Hiroaki Nagayama “Our uniform industry in future : Building a business model that captures the global growth market at an early stage” Development Engineering, 19, 49-58,2013 (in Japanese)
• Hiroaki Nagayama “The Japan Electric Power Industry in future −Proposal for reorganization of the electric power business and overseas expansion” World Economic Review, September 2011 (in Japanese)
• Hiroaki Nagayama “Use “geothermal power generation” as an alternative to nuclear power plants ”Voice PHP Laboratory 2011 vol.7, pp 114-138,(2011,July 2011 (in Japanese)
• Hiroaki Nagayama “Impact analysis on power mix of low carbon vehicle introduction in Vietnam, ” Development Engineering, Vol 17, 29-51, June2011
• Hiroaki Nagayama “Reform Initiatives and Evaluation in Vietnam's Electricity Sector” Journal of Commerce and Economics, 79, 3, 19-46, December 2010
• Hiroaki Nagayama “Impact analysis on power policy for low carbon vehicle introduction in Indonesia “, Fukushima University Journal of Commerce and Economics Vol 1, pp.19-42(2010) (in Japanese)
• Hiroaki Nagayama “Analysis of the efficiency (do you mean ‘effectiveness’?) of power regulators” Journal of International Development Studies, Vol 17/ 2, 107-131, November 2008 (in Japanese)
• Hiroaki Nagayama “Impact of power sector reform investment, the capacity factor, and power transmission and distribution loss” Japanese Journal of Evaluation Studies, Vol 8/3, 67-87,September 2008 (in Japanese)
• Hiroaki Nagayama “Problems of power regulators under power sector reform in Central America“ Latin America ronshu., Vol 40, 97-114, 2006 (in Japanese)
• Hiroaki Nagayama “Reasonable electricity prices in developing countries, ” Development Engineering, Vol 12, 31-43, 2006 (in Japanese)
• Hiroaki Nagayama “Analysis of the impact of electricity sector reform on electricity prices in developing countries in Latin America and Asia: Studies in regional science, Vol 35/4, 1051-1071, 2006 (in Japanese)
• Hiroaki Nagayama “Liberalization model and electricity price of electricity sector reform in developing countries -- empirical analysis using international panel data“ Journal of Public Utility Economics, Vol 58/1, 23-33, 2006 (in Japanese)
• Hiroaki Nagayama “Investment by international power companies ― empirical analysis using international cross-section data” Development Engineering Development Engineering, Vol 11 pp121-136, September 2005 (in Japanese)
• Hiroaki Nagayama “The role that the electricity regulatory sector in Asian developing countries under the electricity sector reform should play in promoting investment“ Journal of Public Utility Economics”, Vol. 56/4, pp55-62, March 2005 (in Japanese)
• Hiroaki Nagayama “Power Sector Reform in Argentina and Lessons for Developing Countries” Annals of Latin American Studies, Vol 25, pp 29-58, 2005 (in Japanese)
• Hiroaki Nagayama “Electricity sector reforms in the former Soviet Union and Eastern European countries” Japanese Slavic and East European Studies, Vol 33, 122-128, 2004 (in Japanese)
• Hiroaki Nagayama, Takeshi Kashiwagi “Evaluating electricity sector reforms in Argentina: lessons for developing countries?” Journal of Cleaner Production, Vol 15/2, pp 115-130, 2007
• Hiroaki Nagayama, Wakako Koike,”Electricity Sector Reform in Chile and Lessons for Developing Countries” Annals of Latin American Studies, Vol 26, pp 48-83, 2006 (in Japanese)
• Hiroaki Nagayama, Wakako Koike,”Electricity sector reform in Brazil and its policy evaluation“ Latin America ronshu., Vol 39, pp 19-37, 2005 (in Japanese)


<Sole author>
• ’Renewable Energy as a Mainstream’ Toyokeizai, August 2020 (in Japanese)
• ’The Political Economics of Unbundling the Electricity Sector’ Toyokeizai, August 2012 (in Japanese)

• ‘Power Sector Reform in the World’ Joint work with Kashiwagi, T. (December 2007) Japan Electricity News Papers. pp.20-221, pp.303-321 (in Japanese).
• ‘PV Dissemination (do you mean ‘Distribution’? – we ‘disseminate’ information, and we ‘distribute’ products) Strategy in Asia’, Joint work with Takachiho, Y, Kakuta S, Kinoshita M (eds) pp 66-111, ‘Circular Society’ Hokuseido (in Japanese), June 2007 (in Japanese)
• ’MBA Marketing’ pp200-234 Joint work with Mr. Kawai T. Sigma Base Capital Corporation (in Japanese)
• “The Road to a Recycling-oriented World”, 北星堂書店(kokuseido), with Kakuta S, Takachiho Y, June 2007 (in Japanese)
• “The Liberalization of the Present World - Changing Business Opportunities for Electricity Liberalization” The Denki Shimbun, Hiroaki Nagayama・Kenshi Kashiwagi, December 2004 (in Japanese)

REPORTS (all in Japanese)

• Hiroaki Nagayama “Development of a smart city evaluation index from the long-term sustainability perspective, and application to Japan” Dai-Ichi-Life Foundation, December 2018
• Hiroaki Nagayama “Analysis of Environmentally Friendly Power Policy in Vietnam and Sri Lanka “,JICA Visiting Researcher Report, March 2008
• Hiroaki Nagayama “Measurement of the appropriate scale (Do you mean ‘scope’? – ‘scope’ means ‘range of action or control’) of electric power regulators considering the functions that electric power regulators in developing countries should have under the reform of the electric power sector”, JICA, Visiting Researcher Report, December 2006

OTHER PUBLICATIONS (all in Japanese)

• Hiroaki Nagayama “Value to be evaluated for hydropower after power system reform”海外電力, 4, 74-89,April 2017
• Hiroaki Nagayama “How does the “coordinating power open call for participants” in Japan coexist with the capacity market?” Energy Review, Vol 4, pp 44-47, April 2017
• Hiroaki Nagayama “Background to the mass introduction of wind power in Ireland” Energy Forum, pp 106-107, March 2017 (Vol?)
• Hiroaki Nagayama “What Japan Learns from Changes in the UK Capacity Market” Energy Forum, pp 108-109, February 2017 (Vol?)
• Hiroaki Nagayama “Background of the mass introduction of wind power generation in Portugal” Energy Forum, pp 90-91,January 2017 (Vol?)
• Hiroaki Nagayama “Measures to promote private investment in transmission lines in the UK” Energy Forum, pp 88-89, December 2016 (Vol?)
• Hiroaki Nagayama “Birth of the British Enhanced market and the rise of new business models” Energy Forum, pp 106-107, November 2016 (Vol?)
• Hiroaki Nagayama “What Japan Learns from British-German Imbalance Design” Energy Forum, Vol 4, pp 68-69, April 2016
• Hiroaki Nagayama “Finance for nuclear power in the UK” Fukushima University Business Studies Collection, Vol 84, pp 67-90, April 2016
• Hiroaki Nagayama “What Japan Can Learn from the UK Capacity Market Design Experience” Energy Forum, Vol 3, pp 80-81, March 2016
• Hiroaki Nagayama “What Japan Learns from German Experience, ”Energy Forum, Vol 2, pp 68-69, February 2016
• Hiroaki Nagayama “Germany's reserve capacity to respond to the expansion of renewable energy” Energy Forum, Vol 1, pp 72-73, January 2016
• “関西電力広報誌”躍”対談”事業変革−鼎談, July 2016
• “ニュースを読み解くー電力自由化”京都新聞社, April 2016
• “原発廃炉は政府主導で”日本経済新聞,経済教室, June 2014
• “発送電分離-制度設計急げ”日本経済新聞社,経済教室, September 2012
• “Political economy of separation of shipping electricity”日本経済新聞社,書評紹介, August 2012


Japanese: Native
English: Proficient