I just got the GTX 1070 Hybrid...the card with the watercooling built in.  I'm hitting the power limit even though the power % is around 50-55% and the GPU clock is at 1594MHz.  It's not voltage limited nor temperature limited.  Just to be sure it wasn't temperature limited, I ran the fan at 100% speed.  No effect.  Anyone experiencing this?

RMA is the only solution to this problem.

Sajin,
 
This is getting more interesting.  I left the computer on all night to log all the GPU performance data to see if the power is limited entire night.  To my surprise, the GPU is only power limited when I'm active, meaning the computer is not locked (in windows 10).  Whenever the computer is locked, the GPU would not be power limited.  I did this for a couple of time to confirm the timing of the GPU power/voltage/core clock ramp up/down coincided with the locking of the computer.  
 
Any clue why this would be happening?
 
 

Hmm. Very odd. No idea.