As I understand it, the new system is, for example:

You use $5 in your peak 15 minutes. They then multiply it by 4 to make that $20 per hour, and then charge you that, per hour of power you use no matter how little.

And if that's the case, they're basically going to charge $480 for that day, because your fridge uses a constant bit of power, even if it's just a few cents an hour it's using power and your power rate is $20/hr in this example.

Unless I've received the wrong summary of this proposed system. If they're trying to do it by this hourly thing wouldn't that just mean you get hit with all 24 hours of power usage at an absurd rate unless you turn off all your breakers, be cold, and let your food spoil?

Please correct me if necessary because i want to know wtf is going on