Power options allow you to customize your power usage.
Power options are found in the Control Panel.
Hibernate
In Hibernate mode, the computer will use hard drive space to save all programs and data that are in memory at the time hibernate mode is enabled. The computer will then completely shut down, and thus uses no power while hibernating. When you take your computer out of hibernate mode, you can pick up where you left off. Hibernate takes a little longer to go into/out of versus sleep mode. Windows 8, 8.1, and 10 actually uses a form of hibernation when you use the Shut Down command. Thus Windows startup is fast.
Power plans
Power plans are preconfigured power settings on Windows machines. The Balanced Power Plan will work for most laptop users since it balances power savings with performance.
The High Performance Power plan places a priority on performances at the expense of battery life.
Sleep/suspend
Sleep mode uses just enough power to keep the RAM powered and shuts down everything else (CPU, disk drives, display, etc.). Sleep mode extends a battery charge, but allows the computer to immediately come back to life with machine state preserved.
Standby
In Standby, open apps are stored in memory. The computer goes into a lower power mode and is able to startup quickly when reactivated. Standby switches to hibernate mode if the power is low.