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Q: Engine-Light came on. Diagnosis Code P0015 found. Then Light went out by itself. on 2001 Volvo S40

The local shop that diagnosed Code P0015 talked about timing problem and said only Volvo dealership has a computer that can fix the problem. The Engine-light went out by itself when I started the car, but may come back on again perhaps. What exactly is this problem in plain English and how much should it cost approximately to have it at a Volvo dealership?
My thanks in advance.
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You don't have to take your Volvo to a Volvo dealer. Just because they sell it doesn't mean they are the only ones that can work on it. The procedure for testing that you read next is something a seasoned Tech can perform.
May I make a strong suggestion in the type of lubricant(engine oil) that you use. Use a full synthetic like Amsoil or Mobile 1. You will have no sludging of the lubricant hence not having the problem you are having. I suspect you have a bad Varible Valve Timming Actuator do to sludging of the oil that you are using.
This really is not a difficult repair to diagnose.

Customer Concern: Malfunction Indicator Light (MIL) is on. Code P0015 (ECM-61) stored.

Tests/Procedures: 1. Check cam timing. Check belt condition.

2. Remove the reset valve, actuate it and check for its actual opening and closing. Check resistance of the valve, spec is 7 ohms. Also ensure the wiring going to the valve is not pinched by one of the spark plug cover bolts.

3. Look for sludge and deposits inside of it and clean as necessary.

4. Check for oil pressure coming to the reset valve during cranking and for good oil pressure overall.

5. If the previous tests are all good, the VVT mechanism/actuator (exhaust cam gear) on the camshaft may be sticking or otherwise non-functional. Replacement of this part will require cam holding tools as there is no indexing or keyway that holds the cam gear to the camshaft. It is a slip fit.
Tech Tips: The camshaft reset valve, on the rear of the passenger's end of the engine, supplies oil pressure to the Variable Valve Timing (VVT) mechanism that acts on the exhaust cam.
P0015 - ECM-61 - Camshaft reset valve, faulty signal.

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I want to take a moment to thank you for the superb response to my question. Very clear explication of the problem, and I may add equally understandable and to the point. I am sure this will be very helpful when I go to the repairs shop or the Volvo dealership. The information you provided was also an education.

Best regards and thanks.
2 things, if your code is P0015 is the exhaust solenoid, code P0014 is the camshaft position sensor, also your timing belt is gone bad, perhaps you jump a teeth or the timing position got moved this depends on the miles of your car the replacement is around 60,000 miles that can trigger the code P0015 until you replace the belt, I recommend to check the belt for cracks or missing teeth’s, also if you car is licking oil to the belt that can trigger the P0015, the kit for the belt is around $180.00 dollars, new sensor $250.00 dollars, solenoid is $ 260.00 dollars. And the work is around 5 to 6 hours because the mechanic needs to remove half of the motor “No cheap at all”. But the investment is worth it. I am talking by experience I replace the timing belt and my car runs great also the light is gone. Fix a Volvo is not cheap at all also the code P0015 can trigger the P0128 due a coolant temperature is always low 9 ohms and not at 16 ohms.
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