Wattage is a measurement formula for the brightness, intensity, and heat produced by an electric bulb in comparisson to candlelight. 100 watts is hotter, brighter, and more intense than 30 watts. Light degrades with water depth - a 30 watt bulb will make the bottom of a 12" deep tank brighter than it would a 36" deep tank. If you want to brighten up the bottom of the 36" deep tank increase the wattage.
Kelvin (K) when used for lightining is basically putting a tempature to the colors present when exposed by light. Zero Kelvin is black and produces no radiation. 5,500 K is a full spectrum of visable color, it's pretty much sunlight at high noon. Because light degrades with depth a higher k light source may be needed to get the full spectrum to the bottom of the tank.
In relation to plants the higher the kelvin the more UV light radiation is produced. The Kelvin scale goes full circle. UV - a,b,c are invisible on the opposite side of zero. Plants need differing amounts of UV lighting inorder to Photosynthize. Because lite degrades deeper planted tanks might require higher kelvin ratings depending on the species of plant. UV light does not penetrate glass so there needs to be a large enough opening at the top of the tank for the UV to penetrate. Not all plants need added UV. 5,000K typically produces enuff UV for plants.
Kelvin is also a controlable personal preference when it comes to fish depending on how much and which colors you want to see more pronounced. Looking at 5,500k as a Nuetral starting point making green as the pronounced color, to make the yellows and reds more pronounced lower the kelvin to make the blues and purples more intense raise the kelvin.