It sounds like we are going to have at least a couple more hours of downtime.
At least. If they have to rewire a new ATS switch. Which basically regulates the power between the backup generator and power grid and tells the Geni when to kick in. Yes, that will likely take a couple of hours at least... If they even decide to go that route.
Not withstanding the fact that they (knownhost) likely had hundreds of VPS's and probably at least 100 servers that went down ungracefully. And you likely have hard drives that have spun out. Entire disks that have to be restored from backups,ect...
I would at least give it another half day to full day till everything is operational again. and you are back online. That is assuming your entire server doesn't have to be restored from a backup.