An electric power generation system utilizing wind power, the system being easily maintained and being configured in such a manner that a nacelle disposed at the upper part of a tower is compact and lightweight. An electric power generation system (W) is provided with a wind wheel (10), an electricity conductor (20) which rotates in association with the rotation of the wind wheel (10), a heat medium tank (30), a magnetic field generator (40), a heat accumulator (50), and an electric power generation section (60). The wind wheel (10) is mounted to a nacelle (102) disposed at the upper part of a tower (101), and the electricity conductor (20), the heat medium tank (30), and the magnetic field generator (40) are contained within the nacelle (102). The heat accumulator (50) and the electric power generation section (60) are disposed in a building (103) built on the lower part (base) of the tower (101). The heat of the electricity conductor (20) heated by induction by being rotated in the magnetic field which is generated by the magnetic field generator (40) is transmitted to water in the heat medium tank (30) to generate vapor, and the vapor is supplied to a vapor turbine (61) to drive an electric power generator (62) to thereby generate electric power.