With the setting below I have no more Event ID's 17 in the System log:
HP recommended Energy profile, switch WLAN on battery to max performance. Also set PCI Express, Link State Managemet on battery to Max. Energy saving. These settings with Intel 7265 driver: 18.40.4.2 solve the Event ID 17 flooding my system event log. I hope Intel/HP can address this in future drivers so there is no need for setting the WLAN on battery to max performance.