My electricity is escaping ...

... although because it's doing so under pressure there's no smoke yet Lower plug cap on my 1150 twin-spark is visibly arcing to the frame and not going down the hole to create its share of the Bang; am I correct in assuming this is not a simple plug cap, but rather a more expensive stick coil

Lower (secondary) are plain HT plug cap, HT lead fed from an ignition coil under the tank at the head stock.

The upper (Primary's) are the stick coils.