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On the path towards the decarbonization of the electricity supply, flexibility and demand response have become key factors to enhance the integration of distributed energy resources, shifting the consumption from peak hours to off-peak hours, optimizing the grid usage and maximizing the share of renewables. Despite the technical viability of flexible services, the reduction of greenhouse gas emissions has not been proven. Traditionally, emissions are calculated on a yearly average timescale, not providing any information about peak hours' environmental impact. Furthermore, peak-hours' environmental impacts are not always greater than on the base load, depending on the resources used for those time periods. This paper formulates a general methodology to assess the potential environmental impact of peak-hourly generation profiles, through attributional life cycle assessment. This methodology was applied to five different countries under the INVADE H2020 Project. Evaluation results demonstrate that countries like Spain and Bulgaria could benefit from implementing demand response activities considering environmental aspects, enhancing potential greenhouse gas reductions by up to 21% in peak hours. [ABSTRACT FROM AUTHOR]