We present the theory of electromagnetic energy propagation through a dispersive and absorbing hyperbolic metamaterial (HMM). In this way, the permittivity tensor components of HMM (especially, nanowire HMM) may appear to be hopeless, but as a non-trivial step, we find that they can be cast into more transparent forms. We find under the influence of an electromagnetic wave, the responses of nanowire HMM (multilayer HMM) in the directions perpendicular to and parallel to the optical axis are similar to those of Lorentz (Drude) and Drude (Lorentz) media, respectively. We obtain simple expressions for the electromagnetic energy density formula of both typical structures of HMMs, i.e., nanowire and multilayer HMMs. Numerical examples reveal the general characteristics of the direction-dependent energy storage capacity of both nanowire and multilayer HMMs. The results of this study may shed more physical insight into the optical characteristics of HMMs.