For a given power supply, efficiency varies depending on how much power is being delivered. Supplies are typically most efficient at between half and three quarters load, much less efficient at low load, and somewhat less efficient at maximum load... Thus it is still important to select a supply with capacity appropriate to the device being powered.
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The testing conditions may give an unrealistic expectation of efficiency for heavily loaded, high power (rated much larger than 300W) supplies. A heavily loaded power supply and the computer it is powering generate significant amounts of heat, which may raise the power supply temperature, which is likely to decrease its efficiency. Since power supplies are certified at room temperature, this effect is not taken into account.
80PLUS does not set efficiency targets for very low load. For instance, generation of standby power may still be relatively inefficient... Inefficiencies in generating standby power are magnified by the amount of time that computers spend turned off.