The magnetic equivalent of electricity referred to as "Magnetricity" is "an interesting curiosity" as Professor Steve Bramwell states in this video. In September of 2009, physicists directed neutrons at spin ices made of titanium-containing compounds chilled close to absolute zero. The behavior of the neutrons suggested that monopoles, like those shown here were present, in the material.

The next step was to measure the amount of magnetic "charge" on the monopoles and to measure magnetic analogues to electric current for the first time. The motion and interaction of monopoles is what creates "magnetricity".

Professor Bramwell explains in the video "It's a bit like having individual north and south poles about the size of an atom that can sort of flow around within the material, and when you put a magnetic field on, they all set off and migrate to one end of the sample."

A favorite quote from the video "So I guess the million-dollar question is: is magentricity useful for anything? The answer is that at present, it's not useful for anything, but it is an interesting curiosity.

Perhaps in the future it could be useful, though, if one thinks of how useful electricity is and how long it took to find any uses of electricity and it's quite plausible that in many years' time, we'll find uses of magnetricity.

Now one of the possible areas where one might be able use is in the information technology industry, where we already use magnetic effects to store and manipulate information."

The Video Description
The London Centre of Nanotechnology's Professor Steve Bramwell explains the discovery of 'magnetricity' - magnetic charges that behave and interact just like electric charges in some materials. The groundbreaking research could lead to a reassessment of current theories of magnetism as well as significant technological advances.

Read the Original Magnetricity Press Release from New Scientist
Paper on Magnetricity: Measurement of the charge and current of magnetic monopoles in spin ice
Professor Bramwell's Website: http://www.london-nano.com/content/contactlcn/lcndirectory/bramwell/

Image Source: Large-scale cousin of elusive 'magnetic monopoles' found at NIST