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When this light comes on it means the computer control module has detected a fault in the system, it has reduced power to avoid any damage to the engine or transmission. You must now have the computer scanned for fault codes, this is done through the diagnostic connector under the dash see photo below.
Jerry, Drive to a good shop. So many things can cause reduced power light unfortunately. The first step would be to get the truck hooked up to a scanner/computer and have the computer scanned for trouble codes. One thing that you could try is to drain the water from the water separator that is mounted on the frame under drivers front door. If the PCM picks up on water, power is reduced until water is removed/drained. It could be an exhaust sensor that is reading faulty. Unfortunately from here its impossible to tell you exactly what the fault is because there are just so many engine sensor inputs that could cause your problem. Check the attached links, forums,instruction and guides, Good luck
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Have the vehicle checked for DTC'S - diagnostic trouble codes ! Do you know what electronic throttle control is ? The gas pedal assembly has electrical connector an sensors inside ,hooked to the PCM / ECM - engine computer . The engine computer uses these position sensors inputs to control the DC motor on the throttle body to open the throttle plate to control the speed . Plus there are position sensors inside the throttle body to input PCM/ECM to see if it's calculations are corect . Your best bet maybe to take it to a qualified repair shop . Drive by Wire Function and diagnostics by Wells
Reduced Engine Power Mode
When the PCM detects a condition with the TAC system, the PCM may enter a reduced engine power mode. Reduced engine power may cause one or more of the following conditions:
• Acceleration limiting--The control module will continue to use the accelerator pedal for throttle control; however, the vehicle acceleration is limited.
• Limited throttle mode--The control module will continue to use the accelerator pedal for throttle control; however, the maximum throttle opening is limited.
• Throttle default mode--The control module will turn off the throttle actuator motor and the throttle will return to the spring loaded default position.
• Forced idle mode--The control module will perform the following actions:
- Limit engine speed to idle by positioning throttle position, or by controlling fuel and spark if throttle is turned off.
- Ignore accelerator pedal input.
• Engine shutdown mode--The control module will disable fuel and de-energize the throttle actuator.
you need to scan you vehicles ECM, there is a trouble code stored there. depending on where you live most parts stores( such as a shucks/orielleys) will have a scan tool they will let you use if the vehicle is in thier parking lot. this should diagnose the issue, provided the battery hasnt been disconnected since then.
the check engine light you are getting sounds like and electrical problem, have the battery and the alternator tested, and have autozone or the like pull the codes off for you and see if you can figure out what they are....