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In electronics, low-power means one of 2 things, depending on the context:

• It transmits less power in the form of radio waves than typical transmitters. If I reduce transmitter power so I can only talk to people 1/10 as far away, 100 times as many other low-power transmitters can talk without interference. See low-power communication device, low-power FM, cell phone.
• It consumes less electric power than other similar devices. If one computer uses half the power of another computer, then it can run twice as long off the same set of batteries. See Transmeta, Acorn RISC Machine.