The Rod of Power absorbs magical energy that its bearer can use to boost his own spells.
Source: Warhammer Fantasy: 7th Edition
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Arcane Item30 points
At the end of each magic phase (yours and enemy's), you can save up to three unused power/dispel dice from the pool and store them in the rod. At the beginning of each successive magic phase (yours and enemy's), roll a dice. If the result is equal or higher to the number of dice stored, add them to the power/dispel dice pool, if the result is lower than the number of dice stored, they are lost.