Electricity flows from *Potential*, essentially if you unplug a cord which was not powering anything, nothing happens, which is why you never see a spark when you plug in or unplug an extension cord which is not plugged into a device at the other end. So in this case, there actually was no electricity in the cord, since it had nowhere to go.
If you plug in or unplug a cord with a high draw device running, such as an Iron or an air conditioner, you will likely see or hear (or both?!?!) a spark, because in this case there is electricity flowing, not just potential. In the case of unplugging the device which is drawing the current, the remaining electricity is used up by the device, often instantly. However in some cases such as LED bulbs, they will remain lit for some time after the current is disconnected as they can make a little bit of electricity go a long way.
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