Re: Oh for crying out loud...
This would drive electricity prices down to the cost of production.
No it wouldn't because there's tens of billions of quid that need to be added to the "cost of production" for the government's subsidy and obligation schemes, not to mention the cost of running the distribution networks, billing and corporate overheads.
Because of all the add ons, you'd never really get cheap power, you'd simply have volatile prices and zero transparency. In gross terms, electricity pricing is very close to a zero sum game. Which means that if you get cheaper off peak prices, your peak prices have to go up far more (peak periods are shorter than off peak). And even if you can shift your use and get an overall benefit, 99% of the time somebody else will have to pay more to compensate.
Time of use tariffs for residential customers are a stupid idea. Most people think their suppliers simply send them (an inaccurate) bill. The real value energy suppliers offer is actually to intermediate between the brutal and volatile world of the wholesale markets, and sell that at a nice steady fixed rate. Maybe you can do away with that; Knowing a bit about the wholesale markets, I wouldn;t touch a time of use tariff. YMMV.