The surge in the supply of intermittent renewable energy creates new challenges for electricity networks. The high variation in the supply either requires costly network extensions or the implementation of incentives that reduce peaks. One variant of the latter are dynamic tariffs. While dynamic pricing provides an efficient tariff scheme, people may perceive it as unfair. This paper examines to which extent such peak pricing is actually unfair and, if so, how this unfairness can be lessened by adapting the tariff design. We discuss the efficiency arguments for dynamic pricing and subsequently the acceptability and perceived fairness. In addition, we contrast these perceptions with fairness criteria derived from ethical theories. We conclude that dynamic pricing does not necessarily need to be unfair. In particular, the fairness depends to a significant extent on the concrete tariff implementation. The perceived fairness of dynamic pricing can be strengthened by using the revenues for measures related to the grid, providing clear common-language arguments, mediating adverse consequences for the least well-off, and minimizing unpredictability. 1 This paper is written as part of the research project "Redesigning the electricity market in order to facilitate the transition towards a sustainable energy system", financed by NWO and various stakeholders in the energy sector. The authors thank the members of the Valorisation Board as well as the Scientific Advisory Board for their input during this project. The authors, however, are fully responsible for the contents of this paper.