This is, IMHO, the best way to cook rice. It is also the most difficult. I don't actually bother with a towel - but I do keep the lid on. It does however take around half an hour minimum - and yes, steamed rice can be kept for ages before serving :-)

My mate Norman (who is chinese) goes for slightly less water than a two to one ratio. However I normally boil the water too long - thus losing water that way, and would prefer to err on the side of over cooking rather than undercooking rice. He also uses electric steamers :-)

My second favourite method for cooking rice is my microwave rice cooker. This is just a plastic bowl with a two part lid. I guess the microwave works at around 800W - ie more than your electricity generation, but maybe it would work fine on half power.