Warp Energy

The vast majority of the warp energy that initially rushed through the gates into the material world was unable to find any immediate stimulus or guidance from the mortals living on it. There was simply too much energy and not enough psychic output from the mortal population.
Blown randomly around the planet most of it eventually became inert, reverting to a material form similar in many ways to the pumice produced by a volcano, and falling to the planet’s surface where it became absorbed and subsumed into its soil and water. The form taken by this inert warp energy ranged from a fine dust to stolid clear crystalline gems. But the most common form was a pumice like rock, which became known as Warpstone.
Fortunately, for the mortal inhabitants of the planet this transformation of most of the warp energy that had burst into their world into solid form greatly reduced its effect. It seems that once locked into a solid form the density of its new substance inhibited the ability of the warp energy to absorb and react to the psychic stimulus around them. Thus as the dust literally settled on the Warhammer World after the cataclysm the situation on the planet stabilised and the chaos subsided.
Likewise, the warp entities retreated back into the void where a battle was now beginning for feeding rites on the thousands of new portals that had been exposed by the cataclysm. Slaanesh having consumed and destroyed most of the Eldar in its initial feeding frenzy now found itself starved of power and struggling against the growing domination of another entity called Nurgle which was feeding on the immense need for comfort, hope and salvation emanating from the tormented mortal populations of thousands of planets.
However, the Warhammer planet would never be the same after the cataclysm. Unlike the planet Earth whose Warp Gates survived the cataclysm intact, everything on Warhammer is now contaminated with warp energy. It is in the soil and so has found its way into the plants. It is being consumed by the animals and has contaminated the water and the oceans. It has found its way into the food chain and in doing so it has contaminated the bodies of every creature living on the planet.
Even now the portal remains open to the warp and more warp energy continues to stream into the atmosphere around the planet, being spread by the winds until it finally settles and is absorbed into the environment.

Properties

Material Characteristics

Warpstone can be found in a variety of forms. The most common being a pumice like rock, but it is also spread across the planet's surface as warp dust, and can even be found in a crystalline form referred to as a Power Stone, or Power Gem.
On first entering the material universe in its ethereal state it is distributed around the globe by the planetary winds and can be seen by some races such as the Elves as an aura of multi-hued energy commonly referred to as the Winds of Magic.

Physical & Chemical Properties

Warp Energy is at its most volatile in its ethereal state and it is in this form that it is most responsive to psychic stimulation. Many mortals who practice magic exploit warp energy in this form to power their spells and it is commonly referred to as 'The Winds of Magic'.
In it's more solid state warp energy is much less responsive to psychic influence although warp dust, because it is so invasive and can easily be ingested with food or water, is probably the most dangerous to mortal health as once absorbed into the body it can react with the hosts body to manifest all manner of mutations and strange effects.
However, whilst humans are particularly susceptible to such corruption, some races such as the Skaven seem almost immune, and Skaven Grey Seers are known to deliberately ingest warpstone in order to boost and replenish their casting ability. The most stable form of warp energy is not surprisingly its crystalline form which is also the densest. Often referred to as Power Stones or Power Gems warp energy in this form is highly valued by magic users and can frequently be found adorning a wizards staff or wand, and even incorporated into rings, amulets and armour.
Power Stones have the unique ability to absorb and become charged with warp energy much like a battery, and can even be manipulated to produce a reliable manifestation such as a lightning bolt by the use of certain psychic rituals.

Compounds

Dwarves who find warp energy difficult to exploit in its raw state have developed a technique to combine warp stone and dust into their smelting process to produce magically imbued armour and weapons.

Geology & Geography

Warp Energy is found in its heaviest concentrations closest to the collapsed warp gates at the north and south poles of the planet.

Origin & Source

Warp Energy is a natural substance found in Warpspace.

Life & Expiration

It is not known how long warp energy remains active in the mortal realm, although power stones and gems do become drained after extensive use. So, it appears that the energy can be expended even if it does not dissipate naturally.

Odor

It is said that when activated by a spell caster warp energy emits a distinctive smell similar to Ozone, and those who have smelt it can usually identify it again.

Taste

It must be assumed that warp energy does not have a distinctive taste, or if it does then nobody has noticed it.

Color

In its ethereal state warp energy can refract into multiple different hues each of which is attracted to a different form of psychic stimulation.