My current bulb is 40 watts I believe, though when it says it uses 29w that means energy consumption right?
Yes. Watts is the measurement of the amount of energy (electricity) the bulb uses to produce the light. However, that is not always a reliable indication of intensity unless you are comparing identical bulbs that are different wattages. The 9w CFL bulbs I have say they are equivalent to a 40w incandescent bulb.