First, to determine how much hybrid debt the company should use relative to S&P’s 15% cap on equity credit, I’ll estimate Acciona’s **total adjusted capital** at end-2022 and see what 15% of that would be.

**Step 1 – Total adjusted capital**  
S&P defines total adjusted capital as total debt + total equity. From the balance sheet:

- **Total equity** (2023-01-01): €6,304 million  
- **Noncurrent liabilities**: €8,467 million  
- **Current liabilities**: €7,824 million  

Debt-like items to include:  
- Noncurrent bonds/debentures: €3,101 million  
- Noncurrent loans: €2,624 million  
- Noncurrent lease liabilities: €439 million  
- Current bonds/debentures: €1,139 million  
- Current loans: €553 million  
- Current lease liabilities: €72 million  

I’ll use only interest-bearing debt to be consistent with S&P’s methodology (excluding trade payables and provisions).  
Add them up:  
€3,101 + €2,624 + €439 + €1,139 + €553 + €72 = **€7,928 million** of debt.

Total adjusted capital = €7,928 million + €6,304 million = **€14,232 million**.

**Step 2 – 15% cap**  
15% of €14,232 million = **€2,135 million** in hybrids receiving equity credit.

**Step 3 – Existing hybrids**  
The line *“Participaciones Preferentes Obligaciones Y Otros Valores Negociables”* (preferred shares/bonds) includes:  

- Noncurrent: €3,101 million  
- Current: €1,139 million  

In Spain, “participaciones preferentes” are typically hybrid instruments. That suggests **€4,240 million** in hybrid-like instruments, far above the €2,135 million cap.

**Step 4 – Utilization**  
If the company already exceeds the S&P cap, its *additional* capacity is zero; it’s already at 100% utilization (and beyond, but S&P would cap the credit). So the appropriate answer in terms of utilization *relative* to the cap is **100%** — they have already filled and exceeded that 15% limit.

<answer>100%</answer>