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You need to post more info, Base or Z06, manual 6 or auto trans? What produced the reduced power indication? I assume the DIC is indicating reduced power. Is it? Did you shut down and attempt a restart? What codes are present? Check engine light? Past history of similar readouts?
I just had the reduced power message happen, sometimes if your to quick to start the car and don't let the turn on sequence finish, you will get the reduced power message and check engine light.
I simply disconnected the battery for several minutes to reset the CEL light, also make sure your battery is fully charged, C5's do not like low battery voltage conditions that will cause lot's of problems.