Fan affinity laws
For a given fan and duct system, airflow is proportional to fan speed, pressure to speed squared and power to speed cubed. So power at part load = full power x (flow fraction) cubed. At 60 percent flow that is 0.216, about a fifth of full power.
This is the ideal case. Real VAV systems hold a minimum duct static pressure so the far boxes still get air, and motors and drives lose some efficiency at low speed, so real savings follow something closer to a 2 to 2.5 power. Treat the readout as an upper bound.
Why not just close dampers
Older constant volume systems ran the fan at full speed all day and throttled or reheated the air. Slowing the fan instead removes energy at the source, which is why variable speed drives on fans are one of the most common efficiency upgrades in commercial buildings.