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Energy lost by Ether Lord's effect can be regained and then some with this signet.
The energy gain occurs when the casting animation finishes. So if you have 8 or 9 energy, you should cast another spell to be clearly under 10 energy or you will most likely waste your signet. Alternatively, you can switch to a lower-energy weapon set, thus decreasing your apparent energy while you use the signet.
Consider using this right after an item spell such as Cruel Was Daoshen, as the sudden loss of energy from losing your weapon will give you a huge energy deficit.
Keep a second weapon set with no energy, such as a bow. When your energy is low switch to it and use Ether Signet then switch back to your main weapon set.