Yes, Ian - that was my first assumption - his cordless phone also 'lost the base station' requiring a power cycle which supports the idea, EXCEPT he swears blind (and often... ) there was not one. All 'stable' so far.
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A spike may not be noticed - it could be something external added additional voltage on the line but it wouldn't necessarily cause a power cycle or power cut.
It could also be something completely different but theoretically a spike could cause issues with electronics.
Could also I suppose be a local EM pulse of some kind but I think that is less likely.