Given any set A, there is a set B such that, given any set C, C is a member of B if and only if, given any set D, if D is a member of C, then D is a member of A.

To understand this axiom, note that the clause in parentheses in the symbolic statement above simply states that C is a subset of A. Thus, what the axiom is really saying is that, given a set A, we can find a set B whose members are precisely the subsets of A. We can use the axiom of extension to show that this set B is unique. We call the set B the power set of A, and denote it PA. Thus the essence of the axiom is:

Every set has a power set.

The axiom of power set is generally considered uncontroversial, and it or an equivalent appears in just about any alternative axiomatisation of set theory.