Exhaustion takes away 10 energy from your total energy pool. You regen this total energy back by 1 energy per 3 seconds. So it takes you 30 seconds to get rid of one case of exhaustion.
and yes it does stack - i.e. you cast Meteor Shower followed by Chain Lightening.....the end of your E bar with be near a 1/4 grey to represent the exhaustion effect.