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You can combine two enhancements that are already locked in a power. this occasionally useful if you have two enhancements that just went from yellow to red. Combine them and you can squeeze the last bit of bonus out of them for another level.
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Just realized this as well.
Example:
That means a 15++ (effective lv17) can, at 18, be combined into a 20+ (effective lv21) with a 20 purchase.
Meaning that the time to slot lv20 enchancements for current 15++ ones isn't level 17, but level 18, as you'll get some benefit out of the current 15++.
If you have open slots, hit them with the new higher levels first. Once you hit 18, you can slot the 20s with 15++, making 21s.
Basically, don't replace "maxed" slots unless you don't have any free ones.