The Rod of Power absorbs magical energy which its bearer can use to boost his own spells.
Source: Warhammer Fantasy: 6th Edition
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Arcane Item45 points
At the end of each Magic phase, you can save up to three dice from your Power dice pool and store them in the Rod. At the beginning of the next Magic phase (yours or the enemy's), roll a dice, if the result is equal or higher to the number of Power dice stored, add them to your pool. If the result is lower than the number of dice stored, they are lost.