The magnetic induction cooker, which turns magnetic energy into heat, is a worthy competitor to traditional gas and electric choices, CNN reports.Writing for CNNs Money Magazine, Sally Schultheiss said Magnetic induction may just be the best technology to hit the kitchen since the microwave oven.An induction stove has a magnetic copper coil which creates a magnetic field when the electricity is passed on.When a pot is placed on the stove it gets hot, but the cooker top does not heat up.Ms Schultheiss writes that induction technology was discovered in 1831 but it wasnt used for cooking until the 1970s.She said induction cookers have several advantages over gas and electric, as they are more powerful, faster and more precise, safer and easier to clean.But she added that any pans used on it must be magnetic and prices for induction cookers are significantly higher than gas or electric ones.Pro-Idee states that induction cookers can save electricity as there is no wait for pre-heating and no residual heat once youve finished cooking.