MGU-K: motor generator unit – kinetic
MGU-H: motor generator unit – heat
ERS: Energy Recovery System (referring to the unit as a whole)
MJ: Mega Joules, so 1 million joules.
Joule: unit of measurement of energy, knowing that 1000 joules = 1 kW
(so 1.34 hp over a second), 8 MJ = 10.738 horsepower over a second.
Not sure how long each hybrid class is allowed to discharge/use ERS system per lap.
The joule is an unity which measure the energy you can store. The watt is an unity which measure the speed of the energy when you realease it. So 1W = 1J/s.
In LM, the rules limits the fuel flow which means it limits the power output of the thermical engine. But it also limit the maximal energy amounth you can recover on one lap (by every kind of ERS: MGU K and MGU H). But the rules do not limit the way you release this energy. So depending on your hybrid engine you can release the recovered energy with more or less speed so with more or less hp.
For exemple in LM, the fuel flow vary around 90 kilogram/hour depending on your energy recovery class which means around 550hp with the thermical engine. The rules also limit the fuel you can use on one lap so you can not use this thermical engine at full power every time.
For the hybrid system, the maximal power is not limited so you can reach up to 1 000 000hp of hybrid power if you want. But there are some issues such as the way you can release this energy, the way you pass it to the ground, the way you store it, the way you recover it, the weight of your system, and so on... The rules only limit the energy you can recover on one lap. The power you can get from it and the time you can use it depends on the comprimise you choose. A car that has 0,5MJ to release can develop 1kW (1.35hp) for 500s, or 100kW (135hp) for 5s or 500kW (680hp) for 1s.
Cars with a kinetic flying wheel (GTR LM Nismo, Audi R18 from '12 to '15) can not store any energy for a long time due to friction. It's the same for the car with cars who store the energy recovered with a super capacitor (not sure of the name in english) such as the TS030 and TS040. The Porsche 919 store its recovered energy in a battery pack which can store the energy for about one lap.
So when Audi, Toyota and Nissan must release the energy recovered at every accelaration the Porsche can store the energy during one lap to release it on the following. It's the reason why 919 beats all the other car on qualifying sessions. Indead the Audi is expect to have around hybrid 400hp, while the Toyota must have around 450 / 500, the Porsche about 700hp and the Nissan only 200 or 300hp while they plan to develop 1100 hybrid hp for next year.
For a comparison, F1 can recover 2MJ on one lap and can only develop 120kW (160hp) with their hybrid system, while they develop about 650hp with their thermical engine (fuel flow limited to 100kg/hour).