I ran into a similar problem (bug 120258) with incorrect discharge time shown.
For that, it was resolved as follows:
In gconf-editor, set apps->gnome-power-manager->use_profile_time to FALSE
(unchecked).
Could someone check and see if doing this resolves this bug as well?
** Changed in: gnome-power-manager (Ubuntu Gutsy)
Status: Confirmed => Needs Info
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[gutsy] wrong elapsed time
https://bugs.launchpad.net/bugs/119397
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