The equation $$u = k\frac{q_1q_2}{r}$$ represents the electric potential energy between two point charges, where $$u$$ is the potential energy, $$k$$ is Coulomb's constant, $$q_1$$ and $$q_2$$ are the magnitudes of the charges, and $$r$$ is the distance between them. This formula illustrates how the electric potential energy varies with both the amount of charge and their separation distance, indicating that potential energy increases with greater charges or shorter distances.