Time-of-use electricity pricing has made it to my area. Electricity rates on weekends and overnight are about half of the cost during peak hours. This creates an economic incentive for people to shift electricity use to off-peak hours.
In principle, this approach makes sense. People respond to incentives. According to the mailing I received, I can save 17 cents by setting my dishwasher to run overnight instead of running during peak hours. This isn’t enough to get me to change my behaviour much, but it is likely to get some people to change, and this will help to smooth out demand.
A more cynical view is that this form of pricing is just more complicated and will ultimately lead to higher electricity prices without the average person being able to figure out as easily that prices have risen. Although the initial changes appear to be revenue-neutral, the groundwork has been set to make it easier to raise prices without as much complaint.