Let’s break this down step by step.

**1. Understanding the S&P cap**  
S&P limits equity credit from hybrid bonds to **15% of total adjusted capital** (total debt + equity).  
We need to estimate total adjusted capital first.

**2. Balance sheet at end of 2022**  
- **Equity**: €46,612 million  
- **Non-current financial liabilities**: €71,058 million  
- **Current financial liabilities**: €71,844 million  
That gives **total debt**: €71,058M + €71,844M = **€142,902M**.  
**Total adjusted capital** = €46,612M + €142,902M = **€189,514M**.  

15% cap = 0.15 × €189,514M = **€28,427M** of hybrid equity credit allowed.

**3. How much hybrid is already present?**  
From the 2022 cash flow statement:  
- Proceeds from issue of subordinated liabilities: €994M  
- Payments to holders of perpetual subordinated bonds: -€606M  
The net issuance is modest vs. the cap, so room remains.

**4. Earnings and leverage context**  
- Revenue jumped from €84.5bn to €143.5bn driven by energy prices, but fuel costs rose even faster (€44.3bn → €121bn).  
- Operating profit before depreciation swung from +€18bn to -€5bn and net loss was -€17.9bn (parent).  
- Operating cash flow turned negative, free cash flow heavily negative, forcing large borrowings (+€34bn in debt issuance).  
- Equity fell from €62bn to €46.6bn, increasing leverage.

Given this financial stress, hybrid issuance is attractive because it supports credit metrics without increasing reported leverage as much as pure debt. But the 15% cap must be respected, and extreme distress might reduce investor appetite.

**5. Utilization decision**  
Given the severe pressure on cash flows and capital, the company would want **maximum** equity credit allowed. However, approaching 100% of the cap implies filling that bucket entirely, which might be constrained by market conditions and the recent large borrowing program. Yet, given the need, **full utilization** under the cap is optimal to shore up capital structure.

**Final answer:**
<answer>100%</answer>