Missing power option in Ubuntu 12.04

There is a feature/bug in Ubuntu 12.04 that does not let you choose actions on critical battery. I finally found a solution to the problem

gsettings set org.gnome.settings-daemon.plugins.power critical-battery-action 'nothing'

As it turns out the option can be set if you use the non-GUI method. For those who wish that the laptop suspends instead of hibernate (defult action). You should use

gsettings set org.gnome.settings-daemon.plugins.power critical-battery-action 'suspend'

NOTE: sudo is not required