Okey, so I have found the optimal solution for my problem. On the Lenovo y50 there seams to be some kind of thermal problem on Ubuntu 14.10.
I can only speculate but I believe this is due to having both the Nvidia card and intelHD running at the same time causing overheating.
You can disable the eGPU by going into the Y50 bios. I find this will improve the battery life a bit. But it sucks to have to turn off hardware you have already paid for.
By installing TLP I managed to run my laptop at 3 Ghz with temps below 75 deg C!
See this link:
http://www.webupd8.org/2013/04/improve-power-usage-battery-life-in.html
The parts i found relevant for Y50 where:
sudo add-apt-repository ppa:linrunner/tlp
sudo apt-get update
sudo apt-get install tlp tlp-rdw
sudo apt-get install gksu
Then
gksudo gedit /etc/default/tlp
Then in the text file I just removed the hash tags and set these values on the following lines:
CPU_MIN_PERF_ON_AC=0
CPU_MAX_PERF_ON_AC=90
CPU_MIN_PERF_ON_BAT=0
CPU_MAX_PERF_ON_BAT=90
CPU_BOOST_ON_AC=1
CPU_BOOST_ON_BAT=1
And put hash tags on all the lines with Radeon settings since my card is Nvidia.
The computer runs much cooler and you don't need to manually set anything on start up.
Every time after you edit something in that text file, use this command to apply those changes instead of rebooting.
sudo tlp start
Another possible profile would be
CPU_MIN_PERF_ON_AC=90
CPU_MAX_PERF_ON_AC=90
CPU_MIN_PERF_ON_BAT=90
CPU_MAX_PERF_ON_BAT=90
Locking the CPU at a pretty good freq. These values are in percentages.
If you are okey with the CPU going up to 90 deg C you can also try this profile
CPU_MIN_PERF_ON_AC=90
CPU_MAX_PERF_ON_AC=100
CPU_MIN_PERF_ON_BAT=90
CPU_MAX_PERF_ON_BAT=100
You can also try this option
Minimize number of used CPU cores/hyper-threads under light load conditions
SCHED_POWERSAVE_ON_AC=1
SCHED_POWERSAVE_ON_BAT=1
Good luck!