It does sound like the power valve is sticking open. The power valve should close when the throttle is only partly opened because it is vacuum operated. It should open when you open the throttle so you have low manifold vacuum. If you take the top off the carby there will be a rod with a spring on that should be attached to the top part of the carby. This rod pushes down on the power valve that screws into the bottom of the fuel bowl. You could try unscrewing the power valve and and checking to make sure there is nothing stuck in it to hold it open.
A vacuum leak on the carby can also cause the power valve to stay open, so check that the screws holding the top of the carby on are tight. The rod that pushes on the power valve to open it might have fallen down too. It is only held in place by a split washer that is a tight fit in the top part of the carby.
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