It's more likely to be a sensor failure. If a server with a 550W PSU was drawing 2.6KW I'd be expecting a loud bang and a strong smell of burnt insulation. And the server room breaker ought to trip.
Iwas in a server room a while ago, doing maintenance on a server, while other techs installed some new boxes. Unfortunately they exceeded the capacity of the room's breaker. BANG, ALL the servers, the lights and the A/C died, leaving us in a dim red emergency lighting glow.