I would be the opposite and welcome time of use. I would feel like I had some control of my costs. For this to work, the customer would need to know the current price for the next hour and you current demand. It could be as simple as a small electronic device the size of your thermostat or a laptop. Before starting the dishwasher are dryer, you could glance over and see what it going to cost. Your usage would be easily tracked and you would be more knowledgeable come bill paying time.
As far as storage, there isn't an economical and environmentally good way to currently store electricity. You mentioned pump storage and it is used here in the states as well. There has to be a large price gap between on and off peak for it to make sense. It takes about 25% more electricity to move the water back up then what you get coming back down. It has to be cheap coal or nuclear units doing the work at night so it isn't a good option environmently but sometimes economically.
Electric Utilities (some, not all) have "evolved" into very predatory animals.
One scam - meter gets changed out, then about 2 months later you get a notice. "Your old meter was innaccurate, so you now owe us $x,yzw for power that we are backbilling you".
My response would be something along the lines of " If you weren't competent enough to have an accurate meter in place originally, why should I believe you now ?". Knock wood, it hasn't happened to me yet.
And no, I'm not making this up, although I wish I was. Last case in Toronto, the guy got backbilled for $14,000 - they came in and yanked his meter and said "Have a Nice Day". None of these cases involve any type of meter tampering by the customer..... It's nothing but a good Olde Fashioned Shake Down.....
I know one guy personally who went through this.... he went back and forth with them, and got them down from about $4k to something like $2k.
I understand the technology (a lot of it at least) behind Time of Use Metering. What I don't trust is the integrity of certain utilities today. As cited already, mega-scams were cooked up in California not all that long ago.
Under the old flat rate metering system, if I have a history of pretty consistent power useage going back a number of years, and my bill takes a drastic jump w/o any new loads added, I would have been reasonably confident that the issue (incoming line fault, meter failure...) would be sorted out fairly quickly and equitably.
Present day, let's say the billing computer decides (on its own, or with some human "help", perhaps near the end of a financial year) that 90% of my power use was during Peak Time. What is my recourse ? I'd say none - it would come down to Pay Up, or We'll Disconnect.
IMO, Time of Use was nothing but an overly elaborate way (as I've said before, I'd much rather have those billions of $ spent on new energy development and storage) to crank up electricity rates, while allowing Pols to hide behind a Green smoke screen.
Like it or not, there are many loads that can't be shifted, like heating, refrigeration, and groundwater pumping to name a few.
If I wasn't already interested in alternate energy systems, the recent nonsense of the last decade or so here would definitely have motivated me in that direction.
Rgds, D.