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1 energy per second is equivalent of 3 pips of energy degeneration.
With a base of at least 3 pips of energy regeneration, there is no net extra energy loss, but energy will not be regained while moving. Caster classes with 4 pips of Energy Regen will still slowly gain energy (at about 1 per 3 seconds) while moving.
Useful even if you have 0 rank in Air Magic, as the minimum duration time is equal to the recharge time.
Bug! If you are crippled or somehow snared or in any way not moving faster than normal, you will not lose any energy.