The id:3:initdefault: looks OK, but there seem to be signigicant differences between Slackware and Suse.
My inittab has this for the powerfail lines:
# what to do when power fails/returns
But, as the saying goes, 'in Linux, there's more than one way to do the job'. Or words to that effect.
Update: after googling a bit, I find that genpowerfail has to do with UPS or some such thing. I found this:
, which shows inittab entries like this:
# What to do when power fails.
# If power is back, cancel the running shutdown.
It looks like your inittab is ok. The problem lies elsewhere.
Try dmesg and /var/log/messages to look for other problems.