The powervalve is controlled by the PGM unit mounted in the tail unit.
It may be that the circuits controlling the power valve have burned out - this is not uncommon, though usually this breaks the PGM unit completely and the bike will not run.
Best to unplug the powervalve from the loom until you rectify the problem, as the PGM may be repairable if the bike is still running.
I'd start the hunt by removing the cover from the PGM. Looking inside you will see lots of brown 'goo' covering the circuit board. If any of this shows discolouration, and burning then you have a problem!
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