Interesting. I had the same problem recently with my XC 90 (2005, 164 hp diesel) - temperature was about -12C, and after about 5 miles the car lost power and the "engine service" light and warning triangle came on, and car wouldn't rev much. Stopped shorlty afterwards, stopped the engine, and re-started it and no problem at all - no warning, no rev limit.
Spoke the the local Volvo dealer who advised a quick interogation of any fault code, and took the car in 45 minutes later. Half hour later, a mechanic spoke to me, and said fault code indicated a fuel starvation problem and they had had two others already that week. He had drained fuel filter which had a little water in it, which must have been frozen.
I was a tad suprised, as the fuel filter had been changed only a couple of months before, but ............ Also, no similar problems in the same, or colder weather last year.
However, since then, no problems at all.
I guess the Volvo is too clever for its own good. A simple car would merely have given a hiccup and then got on with it. The XC90 prima donna's computer had said something is wrong and then virtually shut the engine down. I woudl be suprised if a good quality diesel (Shell) does freeze so easily, so it must have been some ice in the fuel filter.
All that being said, just because my car had this diagnosis in cold weather (-12C or so), doesn't mean that yours has the same problem. Good luck eihter way.
Incidentally, I was on this occasion very impressed with the Volvo dealer - I combined sorting this problem with having a promotional "free winter safety check" (which told me that my washers wer frozen - as if I didn't know) - total bill: zero.
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