Ørsted A/S is a large-cap utility company with a stable, regulated, and asset-heavy business model. Utility companies typically have high leverage, which is sustainable because of their predictable cash flows (EBITDA of DKK 32 billion in 2022). However, capital structures must balance tax shields from debt with the risk of financial distress and downgrade. 

1. **Current Capital Structure & Hybrid Treatment**: As of year-end 2022, Ørsted's total equity was DKK 95.5 billion, of which DKK 19.8 billion was hybrid capital. Total liabilities were DKK 218.6 billion, resulting in total capital of DKK 314.1 billion. Hybrid bonds currently represent approximately 6.3% of total capital and about 20.7% of the total equity stack. Rating agencies (S&P, Fitch, Moody's) treat eligible hybrid bonds as 50% equity, which supports Ørsted's investment-grade credit rating while allowing cheaper funding than pure equity. 

2. **Market Conditions**: 2022 saw a significant rise in interest rates (the 5Y swap curve shifted from -0.264% in 2021 to 1.726% in 2022, and the 10Y from 0.053% to 1.927%). Corporate bond yields (iShares Core Euro Corp Bond) doubled from 0.733% to 1.085%, and non-financial IG sub-sen spreads widened. Higher rates make the coupon step-ups on hybrid bonds more expensive if not called, demanding a more judicious use of this instrument compared to the near-zero rate environment of 2020-2021.

3. **Optimal Weight**: Relying 0% on hybrids ignores the distinct credit-rating benefits and lower cost of capital this instrument provides to utilities. Relying 50% or more on hybrids would overburden the company with deeply subordinated, high-coupon obligations, severely increasing the cost of capital and undermining the equity-like treatment from rating agencies. A 25% reliance on hybrid bonds within the capital structure is the standard benchmark for European utilities like Ørsted; it is sufficient to gain the rating agency "equity credit" to maintain the BBB+ rating, yet low enough to prevent excessive coupon drag and maintain financial flexibility. 

<answer>25%</answer>