That’s what they rolled out with them, but insufficient change to habits.
> I suppose AC/heating would use enough that it would be worth turning it down at certain times of day.
This is generally the big win, and why they’ve had to still create a program to subsidize smart thermostats and payments to enable the back off features.
Mass installing smart meters to incentivize the public at large to buy+install smarter thermostats is a less effective and more expensive strategy than giving the thermostats away and writing users a guaranteed cheque in exchange for remotely controlling it.
(There are other dynamics at play: electricity here is generally cheap and I pay more in fixed charges than consumption and the heating side is almost universally fossil fuel/wood but that’s achangin)