Five megatrends called the 5Ds - deregulation, decentralization, decarbonization, digitalization, and depopulation - will drive changes to Japan's electricity business, transitioning it from Utility 2.0 to Utility 3.0. Utility 3.0 will see increased decentralization through technologies like distributed energy resources (DERs) like solar PV and energy storage. It will also require more decarbonization to meet Japan's goal of an 80% reduction in emissions by 2050. Digitalization and the integration of technologies will be key to improving productivity and creating new value. Depopulation poses challenges for maintaining infrastructure like power grids, particularly in rural areas. The transition to Utility 3.0 will involve elect