For straight resistance loads yes. Motors no. Much more energy is consumed by motors but they typically draw whatever energy is demanded to do the work. Lower voltage they draw more current, raise voltage they draw less current, power tends to try to remain constant as long as driven load demands the same. If anything low voltage will be more revenue for utility as it can result in more line losses when it comes to motor loads.
Lighting might be one the bigger loads out there, but has gotten more efficient over recent years, and with some the management systems automatically increase or decrease light levels depending on conditions as well.
If anything I been seeing utility companies pushing for higher efficiency and less usage where possible, if anything to lower their need to invest in the ability to supply more energy or at least to be able to put off such investments for a longer time.