The underlying cause could be many things, ranging from minor to major:
* Throttle Position Sensor (TPS): A faulty TPS can provide inaccurate information to the PCM about the throttle position, leading to reduced power.
* Mass Airflow Sensor (MAF): This sensor measures the amount of air entering the engine. A dirty or faulty MAF sensor can cause inaccurate fuel mixture calculations, resulting in reduced power.
* Oxygen Sensor (O2 Sensor): Faulty O2 sensors prevent accurate fuel mixture control, again leading to reduced power and potentially poor fuel economy.
* Catalytic Converter: A clogged or failing catalytic converter can restrict exhaust flow, causing reduced power and potentially triggering a check engine light.
* Ignition System Problems: Issues with spark plugs, ignition coils, or wires can lead to misfires and reduced engine power.
* Crankshaft Position Sensor (CKP Sensor): This sensor is crucial for engine timing. A faulty CKP sensor can cause significant power reduction or even prevent starting.
* Low Fuel Pressure: Problems with the fuel pump or fuel filter can reduce fuel pressure, limiting engine power.
* Transmission Problems: While less likely to directly trigger *only* "Reduced Engine Power," transmission issues *can* indirectly cause this message.
* Other Sensors: Many other sensors contribute to the engine's operation; a fault in any of them could cause this message.
What you should do:
1. Check the engine light: Does the "Check Engine" light illuminate along with "Reduced Engine Power"? If so, have the codes read at an auto parts store (often free) or a mechanic. The diagnostic trouble codes (DTCs) will pinpoint the problem more accurately.
2. Don't ignore it: Continuing to drive with reduced engine power could exacerbate the issue and cause further damage.
3. Avoid harsh driving: Keep your driving gentle until the problem is resolved. Aggressive acceleration or high RPMs could worsen the problem.
4. Get it diagnosed: Take your Silverado to a qualified mechanic for diagnosis and repair. Trying to fix it yourself without proper knowledge could be dangerous and costly.
In short, "Reduced Engine Power" is a serious warning sign. Getting it diagnosed and fixed promptly is crucial to avoid further complications and potential damage to your vehicle.