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Because recharge time reduction is capped at 50%, it is important to note that items that have a "halves skill recharge" weapon modifier do not further reduce the recharge time.
Despite the skill description saying it increases the recharge speed, it actually reduces the recharge time by 50%; that is, spells recharge in half the time they normally take to do so.
It is important to take an energy-gaining spell when using this skill, such as Power Drain, as the increased rate of casting usually puts quite a strain on energy.