The Volt has three clutches. One locks or unlocks the ring gear to the case, a second switches the smaller motor/generator in or out, and a third locks the ICE to the motor/generator.
The primary driving force is from the main 149 HP traction motor. The smaller M/G is not used to drive the Volt, it acts as a generator in the range extension. At higher speeds, in battery mode, the ring gear is unlocked from the case and is spun by the M/G, this is done not to increase output power, but to allow the main traction motor to operate at a lower, more efficient RPM. In the battery mode the Volt's power never exceeds the 149 HP produced by the main traction motor.
When the ICE is active in the range extension mode one clutch locks the ring gear to the case, the second unlocks the M/G from the ring gear, and the third locks the ICE to the M/G. In this mode the ICE turns the M/G and produces up to 70 HP worth of electricity. Note that this is considerably less than 149 HP that the main traction motor is capable of. It is however, enough electricity to meet less stressful requirements such as crusing down the highway and city driving, but not enough to climb steep hills or travel at very high speeds. When the demand for power exceeds 70 HP, the Volt draws on the battery to meet the excess demands. There is a small buffer designed into the battery, about 10%, once this is exhausted the Volt is limited to only the electrical power generated by the M/G. I believe this situation remains until regen braking or excess power from the ICE and M/G recharges the buffer.