I have a Panasonic Plasma TV model TC-P50G25, while watching it, I heard a pop and picture went out and red power light flashes. I tried resetting by turning Panamax surge protector off and on and by bypassing surge protector and plugging straight into outlet. Is this problem repairable

No, life expectancy expired

Yes, the TV is easily repairable. Probably, only a 30 cent capacitor went bad. I fix them all the time when they do this. You can buy the whole power supply board for cheap. Most people think that these new flat screen TVs are expensive to fix, but the opposite is true. They are all low voltage (5-24 volts) after the power supply and basically you have a power supply ($30-40) and a motherboard ($30-50). Most of time the only problems seen are bad capacitors from Taiwan capacitors going bad, as they have been doing since 1985 when they bought a stolen formula for Japanese capacitor's electrolytic "goo" from a spy who did not know that he did not have the final steps in the manufacturing process. The Nationalist Chinese started making capacitors cheaper, but they began to fail since the late 1980s. Just look for swollen capacitors and replace with a higher voltage and a little higher micro-farad capacitor and your TV is fixed.