For me, the main problem was that I could not activate the profiles.
The solution to this problem (and all the related things described in this thread) is not trivial. But a solution has been posted at http://chris.brandlehner.at/Brandlehner ... BRR-6YWBNV
To copy the summary (post 14 is the relevant one):
5 Steps in getting this problem handled once and for all.
1. Go to: [HKEY_CURRENT_USER\Control Panel\PowerCfg\PowerPolicies] and delete ALL the policies.
2. (close first if its open) Open up a Power Manager. (This action will create 4 default profiles when none exist.) Don't worry about not being able to set them just yet.
3. Create any custom profiles that you want. Don't worry about not being able to set them.
4. (close first if its open, as the registry needs to reload), Open up the registry (regedit.exe) and go to: [HKEY_CURRENT_USER\Control Panel\PowerCfg\PowerPolicies]
5. Renumber these (the profile numbers on the left panel) starting from 1.
6. Set [HKEY_CURRENT_USER\Control Panel\PowerCfg]"CurrentPowerPolicy" to an existing number.