Let's break this down step by step.

**1. Understanding S&P’s cap on hybrid equity credit**  
S&P limits the equity credit from hybrid bonds to 15% of total adjusted capital (total debt + equity). If hybrids exceed that cap, the excess gets no equity credit and is treated as debt, potentially worsening credit metrics.

**2. Extracting EDP’s capital structure at end of 2022**  
From the data:

- **Equity attributable to owners of parent**: €8,883,449,000  
- **Noncontrolling interests**: €4,951,159,000  
- Total equity = €13,834,608,000  

Liabilities side:  
- **Long-term borrowings**: €15,782,604,000  
- **Current borrowings**: €4,239,869,000  
- **Institutional partnerships in North America**: €2,212,162,000 (hybrid-like, but let’s treat as debt for now)  
- Other financial liabilities (noncurrent): €5,159,496,000  
- Other current financial liabilities: €3,600,893,000  

Total debt (rough):  
Long-term borrowings + current borrowings + institutional partnerships + other financial liabilities =  
€15,782,604,000 + €4,239,869,000 + €2,212,162,000 + €5,159,496,000 + €3,600,893,000 = **€30,995,024,000**.

**3. Adjusted total capital**  
Equity + debt = €13,834,608,000 + €30,995,024,000 = **€44,829,632,000**.

**4. 15% cap on hybrid equity credit**  
15% of €44.83B = **€6.72 billion**.

**5. Current hybrid use**  
The “Institutional Partnerships in North America” are hybrid-like instruments, already at €2.21B. That’s only ~4.9% of total adjusted capital.

**6. Room for more hybrids**  
EDP could add ~€4.5B in hybrids before hitting the 15% cap. Given its large capex needs (shown by high investing outflows) and rising interest rates (swap curve data shows a steep increase in 2022), hybrids are a useful tool to maintain equity credit while raising funds without diluting shareholders.

**7. How much of the cap to use?**  
Given the need for capital and the current low hybrid ratio relative to the cap, EDP should be comfortable moving toward the cap but perhaps not fully exhausting it to preserve future flexibility. A level like 75% of the cap would provide substantial equity credit while leaving headroom.

**Final answer:**
<answer>75%</answer>