Well , there seems to be a mixup , probably based on some old documentation on the device.
(link to the old documentation teldus PAN4 where it states Value instance 1 is the combined:
http://www.telldus.com/wp-content/uploads/312352-PAN04-1-2-3-manual-20130530.pdf)
(link to new documentation for PAN4 https://www.z-wave.pl/pl/p/file/4db1bb56907dd365ee1ec6c431c1923c/PAN04-1-2-3B-manual )
The binary switch instance 1 and 2 is on the device switch 1 and switch 2. Value instance 3 is the “combined” switch state “on” whenever switch 1 or 2 or both is on.
However in setting states Value instance 1 is used as the “combined” switch. That is why this get wrong.
Doing polling on the device as a workaround this get the correct states on the switch correct in HA
However the Energy - in your case get wrong numbers then for switch one reading values for the combined data.
So a permanent fix should be done for the new version of the device.
Look at case in GitHub https://github.com/home-assistant/home-assistant/pull/15203