What are the components of a Dynamic tariff?

Bills for a Dynamic Tariff will have 3 components (alongside VAT and other government levies):

1. A fixed standing charge is applied daily, regardless of how much electricity is used.
2. A base unit rate (time-of-use i.e. Day / Night / Peak) is a cost per kWh used, it’s unaffected by market prices.
3. A dynamic unit rate is a variable cost per kWh that varies every 30 minutes based on Day Ahead Market (DAM) prices