Seems like it is using less power than it eventually will. The 12700 takes a big hit to base clocks, but while being a 65W chip, it has a TDP Up of 180W.
The Raptor Lake Intel Core i7-13700 has made a surprising first appearance on PassMark, with the hybrid chip performing solidly if somewhat underwhelmingly in single-thread testing and in the CPU Mark test suite. The measured performance gains over the i7-12700 are only satisfactory, with more cores available to tempt buyers.