There are actually two models of electromagnetic radiation. One is the wave model, of course, and the other is the particle model, which postulates that radiation is made up of a stream of discretely sized particles called light quanta.
Different ideas about the energy connected to radiation are produced by the two theories.
The energy is stored in the EM fields that are moving through a region when the radiation is thought of in the wave model as an EM wave.
The wave oscillations in the wave model hold the energy.
Conceptually, the particle model differs slightly. Since each discrete particle in radiation has a specific amount of energy, the total energy of the radiant beam is determined by the number of discrete particles that make up the radiation.
In this scenario, the energy of each quantum is denoted by the formula E = h v, where h is Planck's constant.
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