| Shares of NextEra Energy Partners (NYSE: NEP) came under a ton of pressure last September when the company said it would slow its annual distribution growth from an expected 12% to 15% per year to around 6%. Skeptics, including many Wall Street analysts, started yelping that the company was going to cut its distribution. (A distribution is essentially the same as a dividend - just with different tax ramifications.) It's been about a year, and so far, no cut. Because the stock dropped so dramatically, this partnership now yields double digits. Let's see whether investors have reason to be worried. The measure of cash flow that we use for NextEra Energy Partners is cash available for distribution, or CAFD. After a big fall from $584 million in 2021 to $364 million in 2022, NextEra's CAFD is on the rise again. It grew 89% last year to $689 million and is expected to reach $712 million in 2024. Last year, NextEra Energy Partners paid $741 million in distributions, or nearly $1.08 for every $1 in CAFD. We never want to see a company paying out more to shareholders than it's generating in cash flow. This year, the payout ratio will be even worse. The company is forecast to pay out $811 million in distributions for a payout ratio of 114% (or $1.14 in distributions for every $1 in cash flow). So that's not good. | 
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