So that's how those formations occur! It all makes nonsense now!
Energized Glowstone is a fluid that is produced when solid Glowstone is exposed to extreme heat. The fluid is gaseous and flows upwards instead of downwards. It is said that this is how clusters of Glowstone are created in the Nether. Just like solid Glowstone, the fluid emits light. Energized Glowstone also tends to give anything that touches it a speed boost.
The following table lists some details of Energized Glowstone. The same details for Water and Lava are included for comparison.
Energized Glowstone can be pumped into Illuminator Frames to create Glowstone Illuminators, an advanced kind of lamp. It is also a critical ingredient in creating Lumium. The fluid's tendency to speed things up is also used often: it can be pumped into Itemducts to create the faster Impulse Itemducts, or it can be pumped into Plate Frames to create Impulse Plates.
When placed, Energized Glowstone tries to flow upwards at a semi-slow rate. The way the fluid flows is a lot like Water, except upside down. If there are no blocks in the way, the source block itself will also gradually 'fall' upwards. When a source block is high up in the air, it eventually condenses into a block of solid Glowstone.
Because Energized Glowstone is gaseous, it cannot be swum in. However, it does slow the fall of any entities inside it. It also applies two potion effects for a short while upon contact: Speed I and Jump Boost I.
Energized Glowstone can be 'drunk' using a Straw. When done so, it applies three potion effects: Speed III, Jump Boost III and Night Vision, all of which last one minute.