I'd argue there's more ecologically sound ways to supply the desired energy demand in combination with shifting some of the load away from peak times. I don't think that strictly correlates to "a lower standard of living" so much as "there's minor behavioral changes that would more efficiently use existing resources."
> Making peoples lives worse to save money
This is exactly the mentality that I'm surprised by: I suggest shifting high energy use slightly and your reaction is "that will make my life worse." Would it really have a strong negative impact on your life to run your dryer overnight for your towels/sheets/whatever if it meant 50% cheaper power?