The CPU is powered by the 12v rail on the PSU, and the conversion down to the low voltage/high current power needed by modern CPU's is done by the motherboards Voltage Regulator Module (VRM). Specifically it gets it's power from the 4 or 8 pin connector from the power supply.
For Intel CPU's the CPU core voltage is by default (unless overridden deliberately with a BIOS setting) determined by the processor VID - some logic contained in the CPU which tells the VRM what voltage it should be run at.
What you are describing doesn't sound unusual. The VID depends on the CPU's speed and state of load. Under high loads 1.271v sounds I think fairly typical for a Haswell CPU being overclocked. IIRC my 4670k showed around that when I had it running at 4.2 ghz. I'm currently running it without an overclock (3.6 Ghz) and the VID shows 1.136v when running a torture test. If you stop things running and allow the CPU to idle the VID should drop. Programs like HWMonitor allow you to directly read the CPU VID. Something different but related is the processors VCORE which shows the actual voltage being fed to the processor, and this will also vary a lot depending on load etc. This varies by more than the VID, and by default with all power saving features enabled, the voltage drops significantly when under low load. Again you can look at VCORE with HWMonitor and other monitoring programs.
As said, the VID voltage can be overridden by setting the processor VCORE voltage in BIOS (this will vary according to the motherboards capabilities) and you may also be able to set a VID offset (basically instead of setting a fixed voltage, it still uses the VID but increases or decrease the voltage by a specified amount). Note that unless overclocking, you shouldn't need to touch these settings. Setting voltages too high can cause high heat levels and damage. Setting voltages too low will cause instability and crashes. I can't guarantee anything but from what I've read general opinion is that anything above 1.35v on Haswell CPU's is pushing it, but it depends on cooling.
Frankly, I would suggest removing the overclocks (your CPUz shows it set to 4.4 Ghz) and see if your problems persist. Did you overclock this yourself, or did you buy it pre-configured or something?
Edited by jonuk76, 24 March 2017 - 05:10 AM.