There are countless Elven Waystones scattered throughout the world, ancient monuments to the once globe-spanning glory of the children of Ulthuan. Yet these towering edifices are more than mere markers of a sundered past. It is through the Waystones that the Elves siphon excess magical energy from the world A learned enough wizard can tap into the Way stone's magical current and thus purloin its energies for their own use.
Source: Warhammer Armies Project: Unofficial 9th Edition (v2.2)
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Any Wizard within 6" of an Elven Waystone adds +1 to their channelling attempts.