[cool_dude85]

>Maybe the base load is mostly industrial and large relative to those peaks?

Exactly right. Residential usage tends to spike greatly during hot or cold events since a much larger portion of it is for heating and cooling. For industrial users, there is some heating and cooling component, but the industrial process is generally what's going to dominate.

So, if you look at extreme events, residential usage will dominate during those times. The residential usage total may spike up to 2x or 3x "baseline" usage, which industrial never will. However, if you look at sum totals across a year, industrial will typically be a much larger user than the residential sector.