Connect to HMC or ASMI and see what they say. You will get error description there, which may be comprehensible (e.g. a fan died somewhere) or utterly cryptic ("there's no detailed description for error code XXXXX"). If it's not something that you can resolve (e.g. "No AC detected for PSU 1", resolvable by re-plugging a loose cable), then call support.
Anyhow, there is no error code on the LCD display, so it seems that machine is currently happily running.
Decoding of the panel hieroglyphs:
01 -- Function Code 01. Function description:
Display the currently selected initial program load (IPL) type (and logical key mode on some system types).
Display the currently selected IPL speed override for the next IPL.
N -- System is booted in normal mode.
V=F -- Boot speed is set to fast.
T -- The firmware is loaded from temporary side.
HMC=x, so your system is not connected to HMC, so you'll have to go to ASMI to see why did it turn the alert LED on.