What does it mean that Intel's new chip is 18% more power efficient?

[WaveFunction30]

Intel announced their 18A chip is 18% more power efficient. What does that actually mean in practice? Does my computer use 18% less power or is it something else?

[Louise5]

It means for the same computational work the chip uses 18% less electricity. In a data center with thousands of servers this compounds to enormous savings. For consumer devices it means longer battery life or cooler operation