Ørsted A/S exhibits a capital structure that includes significant use of hybrid capital alongside traditional debt (long-term borrowings) and equity attributable to owners of the parent. As of the end of 2022, the company held 19,793,000,000 DKK in hybrid capital, compared to 71,743,000,000 DKK in equity attributable to owners and 60,451,000,000 DKK in long-term borrowings.

The company's reliance on hybrid instruments is strategic, allowing it to manage its leverage ratios and maintain credit ratings while funding large-scale, capital-intensive renewable energy projects. Given the volatility in interest rates observed in the provided swap curve data (where 10Y swap rates shifted from 0.053% in 2021 to 1.927% in 2022) and the company's significant exposure to interest rate hedges, hybrid capital serves as a flexible buffer. However, because hybrid capital occupies a middle ground between debt and equity—often treated partially as equity by rating agencies—and given that the current volume of hybrid capital represents approximately 20-25% of the combined total of equity and long-term borrowings, a 25% allocation is a balanced reflection of their current fiscal strategy. This level supports capital growth while tempering the impact of the interest cost volatility indicated in the market data.

<answer>25%</answer>