It peaks when you demand more than it was designed to handle. "IT" doesn't peak. Draw or frequency, depending on device, peaks. If you ask more of it than it was designed to handle, then in some cases it WILL deliver it, for a short time, but that isn't an inherent feature of the device itself. It simply means that for a short time, it will tolerate X spec if you cause it to. For example, if you have a very good 300w PSU, but the system actually causes a 350w draw, then a very good unit MIGHT handle that peak draw for a short amount of time, but it certainly isn't going to SUSTAIN that draw except on a very few units that were probably underrated on their labeled capacity to begin with, for the purpose of playing it safe.
Or in cases where they intend it to be X amount of capacity but provide for components that IF more is demanded, can temporarily withstand that peak draw without burning out, blowing up or catching on fire. Peak power doesn't exist as an intentional factor, it simply IS.