Smeg A1.1 won't heat adequately!!?

Hi,

Following a power cut today (I'm guessing caused by the cooker), the oven will no longer reach an adequate temperature. To be clear, it does get warm but not hot. The grill, clock etc all continue to work ok.
I'm guessing it won't be the element, due to the presence of heat(!). however, as my girlfriend can vouch, I have been known to be wrong. The red light temperature indicator works but obviously doesn't go out.

Help greatly appreciated.

Paul