Payout is not 130%. Are you looking payout from earnings? That's incorrect given the amount of depreciation that drags EPS lower. You need to look at operating cash flow, specially because dividends come from cash, not earnings. Payout is at 84%. They just announced results. Until 2021, nothing significant is happening and price will continue lower. Once the new plant starts accruing, they will generate more cash flow. IPL will be further tied to commodity prices, which means volatility price wise, but they have enough operating cash flow to sustain and grow the dividends.