Yes they use 300w if that is what it is marked.
LEDs save electricity because (let's make this easy with nice rounded numbers)
*Imaginary numbers no real facts to wattage and lumens so dont flame me.*
Say you have a 500 watt hps. That gives of say 5000 lumens.
And you have a 250 watt led light that also puts out 5000 lumens.
That's how to get energy savings. Same output, less energy used. Less heat, less energy used to cool everything down etc...