Unable to change power limit with nvidia-smi

Before the driver update to v530, I was able to execute:

nvidia-smi --power-limit 75

, and the gpu would use at most 75W power. I would be able to set the power limit to a lower value than the default 115, and this would keep the gpu from overheating.

Now, I get the response

Changing power management limit is not supported in current scope for GPU: 00000000:01:00.0.
All done.

The gpu is stuck at the default power limit of 115W. This leads to the gpu overheating. When this occurs for an extended period (or even 1 minute), the “Current Power Limit” is somehow set to 45 Watts on my laptop. There are no messages in dmesg or the journal about this event. In other words, the power is stuck at 45W even after the gpu cools down. Only a reboot solves the issue.

Was the power limit feature removed on purpose? Is there a bug with my system? Appreciate the help.
I believe there is a related bug report here: Unable to change power limit with nvidia-smi · Issue #483 · NVIDIA/open-gpu-kernel-modules · GitHub