To determine the extent to which Ørsted A/S should utilize hybrid bonds relative to S&P Global Ratings' equity credit cap, we must compare the company's current hybrid capital usage to the maximum allowable limit.

1.  **Calculate Total Adjusted Capital:**
    According to S&P's methodology, Total Adjusted Capital is defined as Debt plus Equity. 
    From the 2022 annual report balance sheet:
    *   **Equity:** 85,137,000,000 DKK (2022-01-01)
    *   **Debt:** We can calculate total debt by taking Total Liabilities and subtracting non-debt operational liabilities (Trade payables, Contract liabilities, Tax equity liabilities, Provisions, Other payables). Alternatively, we sum the standard debt instruments: Short-term borrowings (19,493M) + Long-term borrowings (31,502M) + Lease liabilities (681M + 720M = 1,401M) + Derivative financial liabilities (17,464M + 32,325M = 49,789M). 
        *Total Debt* = 19,493 + 31,502 + 1,401 + 49,789 = 102,185,000,000 DKK.
    *   **Total Adjusted Capital** = Equity (85,137M) + Debt (102,185M) = 187,322,000,000 DKK.

2.  **Calculate the Maximum Equity Credit Cap for Hybrids:**
    S&P limits the equity credit given to hybrid bonds to a maximum of 15% of Total Adjusted Capital.
    *   *Maximum Cap* = 15% × 187,322,000,000 DKK = 28,098,300,000 DKK.

3.  **Determine Current Hybrid Capital:**
    From the balance sheet, Ørsted currently holds:
    *   **Hybrid Capital:** 17,984,000,000 DKK (2022-01-01)

4.  **Assess Current Utilization vs. Cap:**
    *   *Current Utilization* = 17,984,000,000 DKK / 28,098,300,000 DKK ≈ 64%.
    
Because Ørsted's existing hybrid capital already accounts for approximately 64% of the maximum allowable equity credit cap, they have utilized a significant majority of their capacity but still retain some room before hitting the 15% threshold. As a benchmark for what extent the structure is utilized relative to the cap, 75% is the closest approximation to the firm's current 64% posture and strategic leaning in its capital structure. Thus, they should utilize it to an extent of roughly 75%.

<answer>75%</answer>