In the Network UPS Tools User Manual pdf, section 6.3.1 Shutdown design, it describes the algorithm used. The important point is that if the ups is on battery, and also the battery charge is low, this is critical, and means that soon there will be no power at all, so a shutdown is started.
On low battery, upsmon sets "FSD" (forced shutdown sequence), generates a
NOTIFY_SHUTDOWN event, waits FINALDELAY seconds, creates the POWERDOWNFLAG
file /etc/killpower, calls SHUTDOWNCMD. These values are set in /etc/ups/upsmon.conf.
On some ups devices, you can change the value of the low battery signal point. To list the variables for, say, device myups:
$ upsrw myups
[battery.charge.low]
Remaining battery level when UPS switches to LB (percent)
Type: STRING
Maximum length: 5
Value: 20
...
This example shows low battery is signalled when 20% charge is left. To change this to 10% you need the nut user and password you configured in /etc/ups/upsd.users, then you can do, eg:
$ upsrw -u mynutuser -p mynutpassword -s battery.charge.low=10 myups
OK
$ upsrw myups | grep -A4 battery.charge.low
[battery.charge.low]
Remaining battery level when UPS switches to LB (percent)
Type: STRING
Maximum length: 5
Value: 10