As the name suggests, a Time of Use tariff has different pricing for your consumption depending on time of day and day of week. Some Time of Use tariffs may also include seasonal price changes.

The main point of a Time of Use tariff is to better reflect the wholesale costs of electricity - generally, electricity is more expensive during peak times, and less expensive during off-peak times.
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Time of Use tariffs have three defined time bands: Peak, Off-peak, and Shoulder, with different pricing per kWh for each time band.

It's common that off-peak time bands include weekends and public holidays.

Time of Use tariffs can also be called 'Flexible' tariffs