Yes it does ; it also produces heat radiation which is why you can feel its heat without any solid or liquid conductor. read more
But in a candle, gaining that much amount of energy for an electron is very difficult because of relatively low temperature. This problem is similar to the ultraviolet catastrophe, a paradox, that was as a result of classical explanation of radiation. According to this, even bodies at room temperature should emit high-energy rays like gamma-rays. read more