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So it either alternates the Packets, or it splits one Packet into two halfsized ones and sends them to both Locations.
It's the latter. An easy test to see this in effect is to make 3 Batboxes, fill one full of energy, and have three cables sitting on the output of the filled Batbox
Then, add ONE Batbox to the left, and wait till it has 1000 EU
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Next, add the last Batbox to the other side of the cable
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The rate at which each box will gain energy is equal to one other. BUT, the level of charge is not only equal to what was in the first box, but the rate at which the EU is transfered is always constant to each machine attached.
So the Enet is smart enough to distribute EU according to each machine attached, as well as account for losses. To see this in action, have one side of 4 block distance of insulated copper going to the left, and the other side having uninsulated gold cable to the right. Take measurements of the three centermost cables closest to the output, and record results...
You'll see that the Enet can be quite 'smart' in the distribution of its energy...