Drive not recognized

I have a WD MyBook Essential 2.0 External 1TB drive connected to my HP Pavilion Desktop with Win XP Sp3. The drive was working perfectly fine until last week when there was a power outage. No electrical equipment went down. The drive is recognized as a USB Mass Storage device but does not show up in windows explorer. The WD diagnostic shows following report:

Western Digital Logo

Test Option: QUICK TEST
Model Number: WDC WD10EADS-65L5B1
Unit Serial Number: WD-WCAU4A964470
Firmware Number: 01.01A01
Capacity: 1000.20 GB
SMART Status: Not Available
Test Result: FAIL
Test Error Code: 11-Cable Test::Could not open SMART or port driver on drive 6!
Test Time: 23:24:45, December 29, 2009

Have tried reinstalling USB drivers but hasn’t helped. Please help!