Smart meters report usage every 15 minutes. The idea is to bill higher for use during peak periods and lower during idler times.
Power generation isn’t like throwing a switch. If there’s a sudden surge in demand, the generators have to be started up, which takes time, or the additional power has to be purchased from someone on the grid who has excess. If there’s none immediately available, you brown out.
Electricity can’t be stored efficiently, so it must be generated on demand, and it takes a while to respond to spikes. So it’s not unreasonable for power companies to want to smooth out the demand curve. Smart metering is one way they’re doing that.
(BTW, I'm still in smart metering, but in the water industry instead of electric & gas.)
You are correct....and if the power companies were honest and trustworth that is how the meters would be used. Unfortunately they are neither and the smart meters will be used to find ways to pad the pockets of the power company executives and their crony’s....along with the politicians they buy off.