To determine the FFO / Net Debt ratio for TenneT Holding B.V. for 2022 according to S&P methodology, we follow these steps:

**1. Calculate Funds From Operations (FFO)**
S&P typically defines FFO as Cash Flow from Operations (CFO) before changes in working capital, adjusted for net interest paid. For TenneT, S&P explicitly excludes the pass-through EEG (Renewable Energy Act) working capital movements from its FFO and CFO calculations.

* **Base CFO (Excluding EEG Working Capital):** 
The company reports "Cash Flows From Used In Operations Excluding Eeg Working Capital" of 596m EUR.
* **Working Capital (Excluding EEG) Cash Flow:**
The balance sheet reports "Increase Decrease In Working Capital Excluding Eeg Working Capital" as 736m EUR. Since this is an increase in the working capital balance, it represents a cash outflow of -736m EUR.
* **Pre-WC CFO (Excl. EEG):**
FFO before interest = Base CFO - Working Capital Cash Flow = 596m - (-736m) = 1,332m EUR.

* **S&P Interest Adjustments:**
S&P adjusts operating cash flows by deducting interest paid and adding interest received, as well as treating 50% of hybrid capital dividends as interest.
- Interest Paid = -202m EUR
- Interest Received = +45m EUR
- Hybrid Dividends Paid = 57m EUR (50% = -28.5m EUR)
Net Interest Adjustment = -202m + 45m - 28.5m = -185.5m EUR.

* **Adjusted S&P FFO:** 1,332m - 185.5m = 1,146.5m EUR.

**2. Calculate S&P Adjusted Net Debt**
S&P calculates Net Debt by summing reported borrowings, lease liabilities, pension obligations, and 50% of hybrid capital, then subtracting accessible cash.

* Long-term Borrowings = 19,006m EUR
* Short-term Borrowings = 709m EUR
* Noncurrent Lease Liabilities = 574m EUR
* Current Lease Liabilities = 155m EUR
* Pension Deficit (Noncurrent Recognised Liabilities Defined Benefit Plan) = 174m EUR
* S&P Hybrid Capital Debt Treatment (50% of 2,125m EUR) = 1,062.5m EUR
* *Gross Adjusted Debt:* 19,006 + 709 + 574 + 155 + 174 + 1,062.5 = 21,680.5m EUR.

* **Less: Cash and Cash Equivalents:** 6,547m EUR. 
*(Note: AROs and other financial liabilities are generally excluded per S&P utility guidelines if fully recoverable or related to collateral)*

* **S&P Net Debt:** 21,680.5m - 6,547m = 15,133.5m EUR.

**3. FFO / Net Debt Ratio**
FFO / Net Debt = 1,146.5m / 15,133.5m = 0.07576 (or approx. 7.58%).

<answer>0.076</answer>