Spyro's fight against Malefor. And both are going all out.
In case you forgot, Spyro's Ultimate Power has him utilize both Light Aether and Dark Aether. And Malefor is just using Dark Aether. As for how Malefor's on par with Spyro, he's bigger, stronger, has more Elements, more abilities, etc. And Spyro's just awakened this Form, so it's all new to him.

And BTW, even though he's unleashing his Ultimate power, Spyro's not holding back. He's giving it his all against the Dark Master. And the crater and wind the two are forming from where they're standing is all from the two them and a glimpse of just how powerful they are.

Both Spyro and Malefor belong to Activision, Serria Entertainment, Toys for Bob, etc.