The electrical power dissipated or delivered in a circuit equals the product of the voltage across it and the current through it.
Same trick as Ohm's triangle: P = V·I, V = P/I, I = P/V.
P = V × I = I²R = V²/R
P
power (watts)
V
voltage (volts)
I
current (amperes)
R
resistance (ohms)
In plain English: Volts are the push, amps are the flow — multiply them and you get how much energy per second is being converted. Combine with Ohm's law to get the I²R and V²/R forms.
Where you'll meet it: Choosing resistor wattage ratings, sizing power supplies and heatsinks, estimating battery life. If a part is getting hot, this law says exactly how hot-headed it is.