Not really.

The fundamental costs and margin requirements in the system haven't changed.

This is a government-mandated electricity plan (a default market offer) that competitive electricity retailers are now required to offer. Those retailers still have network costs, environmental costs, energy costs, and administration costs to recover, and so prices at other times of day necessarily go up.

Some consumers may be better off on this plan (generally at the expense of other consumers), and some will be worse off.

It's good politics and only so-so policy.