Cutting current, I take a chance, wasting energy (6)
I believe the answer is:
acidic
'cutting' is the definition.
(I've seen this before)
'current i take a chance wasting energy' is the wordplay.
'current' becomes 'ac' (alternating current).
'i' becomes 'india' (India is I in the NATO phonetic alphabet).
'take' indicates named letters should be taken away.
'a' becomes 'an'.
'chance wasting energy' becomes 'c' (I can't explain this - if you can you should believe this answer much more).
'india' with 'an' taken out is 'idi'.
'ac'+'idi'+'c'='ACIDIC'
(Other definitions for acidic that I've seen before include "Cutting" , "Unpleasant" , "scathing?" , "Containing a sour-tasting substance" , "Sour; bitter" .)