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During the past few years interest in time-of-day (TOD) pricing has grown in the electric utility industry. Federal regulations, par- ticularly the Public Utility Regulatory Policy Act (PURPA), plant licensing problems, and the extremely high cost of new utility plants along with regulatory commission unwillingness to pass on higher costs to consumers have all played a part in this process. As the results of various TOD experiments have become available, interest has naturally turned to assessing costs and benefits.