Richer AFR to engine power

Can someone explain why a richer AFR than normal at high load could reduce engine power?

Hey @tapeneck, here's a nice little explanation that I borrowed from Innovate Motorsports that explains it quite well:

'When hydrocarbons like gasoline combust, the burn process actually happens in multiple stages. First the gasoline molecules are broken up into hydrogen and carbon. The hydrogen combines with oxygen from the air to form H2O (water) and the carbon molecules form CO. This process happens very fast at the front edge of the flame front. The second stage converts CO to CO2. This process is relatively slow and requires water molecules (from the first stage) for completion. If there is no more oxygen available (most of it consumed in the first stage), the second stage can't happen. But about 2/3 of the energy released from the burning of the carbon is released in the second stage. Therefore a richer mixture releases less energy, lowering peak pressures and temperatures, and produces less power.'