This study analyses the potential of Smart Power Generation (SPG) power plants in a large utility portfolio in South Australia, operating in the National Electricity Market (NEM). State-of-the-art modelling framework shows that an SPG peaking power plant can provide significant gross margin to the utility, compared to open cycle gas turbine (OCGT) alternatives. Simultaneously, SPG decreases the risk exposure of the utility by reducing the volatility of daily returns. The benefits are based on the inherent operational flexibility of the internal combustion engine (ICE) technology, especially the capability of starting to full load in less than 5 minutes. Agile operation enables a superior position in the 5-minute market, compared to slower peaking plant technologies.