In atmospheric pressure capacitively coupled microplasma jets, Voltage Waveform Tailoring (VWT) was demonstrated to provide ultimate control of the Electron Energy Distribution Function (EEDF), which allows to enhance and adjust the generation of selected neutral species by controlling the electron power absorption dynamics. However, at the fundamental level, the physical origin of these effects of VWT remained unclear. Therefore, in this work, the electron power absorption dynamics is investigated in a He/N 2 jet with a nitrogen concentration of 0.05% driven by a valleys voltage waveform at a base frequency of 13.56 MHz for different numbers of harmonics using a self-consistent Particle in Cell simulation coupled with a spatio-temporally resolved analysis of the electron power absorption based on moments of the Boltzmann equation. Due to the local nature of the transport at atmospheric pressure, ohmic power absorption is dominant. Increasing the number of harmonics, due to the peculiar shape of the excitation waveform the sheath collapse at the grounded electrode is shortened relative to the one at the powered electrode. As a consequence, and in order to ensure flux compensation of electrons and positive ions at this electrode, a high current is driven through the discharge at the time of this short sheath collapse. This current is primarily driven by a high ohmic electric field. Close to the grounded electrode, where the electron density is low and the electric field is, thus, high, electrons are accelerated to high energies and strong ionization as well as the formation of a local electron density maximum are observed. This electron density maximum leads to a local ambipolar electric field that acts as an electric field reversal and accelerates electrons to even higher energies. These effects are understood in detail to fundamentally explain the unique potential of VWT for EEDF control in such plasmas.