I had a very similar issue with an ACS R7. It was installed in January, was protected every way possible. After one of the many thunderstorms we have encountered over the past couple of weeks, same thing as you. The green power light was on the processor but none of the phones worked. Found that there was no power on pins 3 and 6, on any station ports. We are an AVAYA business partner so we replaced the ACS. If it is out of warrenty, you could probably purchase a power supply and see if that does the trick. Then again, you never know what other ICs could of have been blown as well. To answer your question, there is a fuse on the power supply, but i have never seen one blown, ever. To top it off, if that fuse was blown, you would not have a green light on your processor. Hope this helps you with your decision.
A.J. Wiesner
AT&D Communications