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All Electric-type attacks, even those from your ally in 2v2, hit this Pokémon with 100% accuracy, regardless of the intended target. If a Pokemon with Lightningrod and a Pokemon using Follow Me are out at the same time, and a Pokemon uses an Electric-type attack targeted at the Follow Me user's team, Follow Me will take precedence and absorb the attack. Hidden Power is never attracted by Lightningrod, even if Hidden Power is Electric.
Storm Drain is a Water-type equivalent.