First, let's analyze ENGIE’s financial position from the given data:

- **Equity at end-2022**: €39.285 billion (down from €41.98 billion a year earlier).
- **Deeply subordinated perpetual notes (hybrids)**: €3.393 billion at end-2022 (down from €3.767 billion).
- **Long-term borrowings**: €28.083 billion.
- **Profit from continuing operations attributable to owners**: -€1.965 billion (loss), with large impairments of €2.774 billion and volatile derivative effects.
- **Operating cash flow from continuing operations**: €8.488 billion, though it includes significant non-cash adjustments.
- **Dividend per share proposed**: €1.40, amounting to €3.389 billion, well above net income attributable to owners (€0.216 billion).

**Market environment in 2022**:  
Rates have risen sharply (5Y swap from -0.264% to 1.726%). Credit spreads for IG EUR corporates widened (iShares Core Euro Corp Bond yield from 0.733% to 1.085%), and subordinated spreads also rose substantially.  
Higher rates mean hybrid issuance becomes more expensive, and refinancing existing hybrids will cost more.

**Capital structure considerations**:  
- ENGIE already uses hybrids (~8.6% of equity), but 2022 results show pressure: low net income, high dividends, and impairments cause equity erosion.
- In a rising-rate environment, adding more hybrids is costly and could pressure credit metrics and ratings.
- However, they are in a capital-intensive business, with net capex of ~€6.4 billion/year, and disposal proceeds are lumpy.
- Maintaining some hybrid component (e.g. 25%) is reasonable to preserve equity credit from rating agencies without over-reliance, but increasing to 50%+ seems aggressive given earnings volatility and rising costs.

Given these factors, a **moderate reliance on hybrids**, like maintaining the current proportion or a slight reduction rather than a big increase, seems sensible.

<answer>25%</answer>