I did answer this question before. It has nothing to do with the speaker for starters. If you had a non-inductive 8 or 16 Ohm resistor the amp would have the same problem at low frequencies.
The output transformers in these amps have a gap in their cores to prevent DC saturation of the core. This is because the tube draws current through the transformer; when you draw DC current through a wire that is wound around a bunch of steel, that is a recipe for creating a DC magnetic field. The DC magnetic field thus generated can saturate the core of the transformer so it can't do any more work (such as pass an audio signal). In case you don't get the saturation bit, what that means is when the core is saturated, it can't make a magnetic response to the audio signal properly. It will make distortion instead. To prevent this, the output transformer has the aforementioned gap in the core, which breaks most of the DC magnetic circuit. This vastly reduces distortion in the transformer.
But that comes at a price. The inductance of the transformer (which is the MO for the way the transformer works, as I've mentioned in prior posts), goes down with frequency. What that means is the easy load the tube had at 1KHz is no longer an easy load at 50Hz. For one thing the load impedance has gone down quite a lot (even though the speaker load is benign). The other issue is the load line, which is a mathematical concept used to define the tube's operating point, is no longer a line. Its become elliptical so distortion skyrockets in addition to the low impedance causing the tube to run hotter.
Power goes down because more of the power made by the tube is dissipated in the tube rather than in the speaker on account of the load impedance the tube sees has gone south. This is why I say no SET can make full power at 20Hz.
That's no way to treat an expensive power tube!!
But the solution is simple. Just don't let the amp see bass frequencies. The result is a lot like a breath of fresh air in the same way that getting bass off of a Quad ESL allows that speaker, like an SET, to be immediately more coherent and transparent. Its an inexpensive way to get the system to sound better in a way that is immediately noticeable.