This website is based on the voterpower.org.uk website, created by Martin Petts for the 2015 general election. Unfortunately, that website is now outdated and even appears to have been hacked by Russians!
The methodology is based on research by the New Economics Foundation. They developed a method for calculating the power of a vote in each constituency, based on the likelihood of the seat changing hands and the number of voters in each constituency.
probability = 0.5 exp(-0.112 * majority)
.