Here's what the pricing on your electricity bill means.
Your electricity bill which you receive from your energy retailer is typically made up of a few parts:
The daily fixed charge which is typically a cents per day charge.
The variable charge which is a charge for the amount of electricity you use. These may be split and described as anytime (24hrs), hot water/controlled, peak, off-peak, or shoulder, depending on how many meters you have or what retail plan you are on.
Some retailers use other billing methodologies. For a good explanation of the parts that make up your bill, check out the Utilities Disputes Fact Sheet.