By inserting the series single diode into the circuit, artificially moves the "0" reference point (nuetral wire) for measuring the voltage, (or current for that matter), in the waveforms, by eliminating either the positive, or negative swings of the waveform; depending upon the polarity of the diode. There by becoming 1/2 of the 240 P-P AC sine wave input voltage, and 1/2 of the current to create heat (light, horsepower, and/or 'work') in the load. It also reduces the duty cycle (my reference to frequency of the pulses) by 1/2 (50%). Correct? So since POWER(P) is the product(x) of VOLTAGE(E) and CURRENT(I), E x I =P; hence, 1/2(E) x 1/2(I) = 1/4(P). As per my earlier post. It doesn't really matter what the actually values really are. Which I think is Nigel's point. Current(I) is the other factor left out of the equation, or discussion, but is created by the resistive load. As per the equation: P= (E x E) ÷ R, and/or P= (I x I) x R. But if you do just reduce the voltage by 50%, which will also reduce the current by 50%, you will end up with 1/4 the power. As per Nigel's test circuit, the VOM becomes the inherent hidden, current producing, load resistance!