Generate an explanation for the following formula: P = I²R . Explain.

Ohm's Law:

    ------------------(1)

Where V is voltage, I is current and R is resistance.

Whereas,

P = I V   --------------------(2)

Where P is power, I is current and V is Voltage.

Putting (1) into (2)

=> P = I (I R)    [∴ V = I R]

=> P = I²R    (Derived!)