To calculate the Net Debt to EBITDA ratio based on S&P Global Ratings methodology, we systematically determine standard adjusted Net Debt and adjusted EBITDA from the provided financial facts.

**1. S&P Adjusted Net Debt Calculation (End of 2022 / 2023-01-01):**
Under S&P methodology, Adjusted Debt includes reported borrowings, lease liabilities, post-retirement obligations (pensions), and standard adjustments for hybrid capital (typically assigned 50% equity / 50% debt content for corporate issuers). Accessible cash is then subtracted.
*   **Long-term borrowings:** 19,006,000,000 EUR
*   **Short-term borrowings:** 709,000,000 EUR
*   **Lease Liabilities:** 574,000,000 EUR (Noncurrent) + 155,000,000 EUR (Current) = 729,000,000 EUR
*   **Post-retirement obligations:** 174,000,000 EUR ("Noncurrent Recognised Liabilities Defined Benefit Plan")
*   **Hybrid Capital (50% debt treatment):** 2,125,000,000 EUR * 50% = 1,062,500,000 EUR
*   **Gross Debt:** 19,006 + 709 + 729 + 174 + 1,062.5 = 21,680.5 million EUR
*   **Less - Cash and Cash Equivalents:** 6,547,000,000 EUR
*   **S&P Adjusted Net Debt:** 21,680.5 - 6,547 = **15,133.5 million EUR**

**2. S&P Adjusted EBITDA Calculation (2022):**
Standard S&P EBITDA starts with reported operating profit (EBIT) and adds back depreciation and amortization (D&A). It explicitly excludes equity earnings from joint ventures/associates but includes the actual cash dividends received from them. It also removes non-recurring or non-operating gains/losses (such as disposal losses). 
*   **Profit / Loss from Operating Activities (EBIT):** -976,000,000 EUR
*   **Add back - Depreciation and Amortisation:** +1,233,000,000 EUR
*   **Remove - Equity method share of profit:** -120,000,000 EUR (Deducting non-cash equity income)
*   **Add back - Dividends received from JVs:** +92,000,000 EUR (Cash component)
*   **Add back - Other Gains / Losses:** +38,000,000 EUR (Adding back the recognized non-recurring loss on disposal)
*   **S&P Adjusted EBITDA:** -976 + 1,233 - 120 + 92 + 38 = **267 million EUR**

*(Note: While TenneT’s underlying operational EBITDA would adjust for significant regulatory accounting deferrals resulting from the 2022 energy crisis—likely tied to the €1.34 billion non-cash adjustment in their cash flow—the pure mechanical application of S&P’s published formulas on the strict IFRS metrics provided yields 267 million EUR).*

**3. Ratio Calculation:**
*   **Net Debt / EBITDA:** 15,133.5 / 267 = 56.6797...

<answer>56.68</answer>