The system includes a magnetically actuated electrical power socket and a magnetic plug. The plug includes an insulating cylindrical plug body, a plurality of conductive ring contacts provided on the face of the cylindrical plug body, a permanent magnet disposed in the center of the plug body. The magnetically actuated electrical power socket includes an insulating fixed face, a corresponding plurality of fixed conductive contacts in the face, a movable ferromagnetic transfer bar disposed behind the face, a corresponding plurality of insulatively isolated transfer contacts disposed in the transfer bar and aligned with the face contacts, a plurality of extension springs coupled to the transfer bar, which springs normally maintain the transfer bar spaced apart from the face, and a corresponding plurality of fixed conductive terminals extending from the rear of the socket module electrically coupled to the transfer contacts.