To determine the appropriate extent to which the company should utilize hybrid bonds relative to the 15% S&P Global Ratings equity credit cap, we analyze the company's financial position at the end of 2022:

1.  **Adjusted Capital Calculation:**
    *   **Equity:** The company reports total equity of 46,612,000,000 EUR.
    *   **Debt:** The company reports significant financial liabilities. Noncurrent financial liabilities (other) are 71,058,000,000 EUR and current financial liabilities (other) are 71,844,000,000 EUR.
    *   Total Adjusted Capital (Debt + Equity) is approximately 189,514,000,000 EUR.
2.  **S&P Hybrid Cap:** S&P limits equity credit for hybrids to 15% of total adjusted capital. 15% of 189,514,000,000 EUR is approximately 28,427,100,000 EUR.
3.  **Financial Context:** EDF experienced a massive net loss of 18,225,000,000 EUR in 2022, primarily due to soaring fuel/energy costs (121,010,000,000 EUR) and operational challenges. The company's equity position has weakened significantly (down from 61,989,000,000 EUR in 2022 to 46,612,000,000 EUR in 2023). 
4.  **Strategy:** Given the sharp decline in profitability and the increased need for capital to maintain operations and cover liabilities, the company is in a phase of capital restoration. However, the cost of debt has risen significantly (swap curves for 2022 are markedly higher than previous years). Under these circumstances, hybrid bonds provide a useful mechanism to strengthen the balance sheet (gaining equity credit) while managing interest burdens compared to straight senior debt. Since the company is significantly under the 15% limit of its total adjusted capital, it has ample room to utilize hybrids to optimize its capital structure and provide the necessary capital buffer during this period of high volatility and negative earnings. Given the need to protect the credit profile, utilizing the full extent of the permitted equity credit is advisable.

<answer>100%</answer>