To determine the extent to which EDP, S.A. should utilize hybrid bonds relative to the S&P Global Ratings' cap, we must first calculate the maximum amount of hybrid bonds that can receive equity credit under S&P's methodology. S&P limits the equity credit on hybrids to a maximum of 15% of total adjusted capital (defined as Debt + Equity).

Using the 2022 annual report data:
- Total Equity (2022-12-31) = 13,834,608,000 EUR
- Total Liabilities (2022-12-31) = 44,981,803,000 EUR

Total Adjusted Capital = Debt + Equity = 44,981,803,000 + 13,834,608,000 = 58,816,411,000 EUR.
The 15% S&P cap for equity-creditable hybrids = 15% × 58,816,411,000 = 8,822,461,650 EUR.

Next, we evaluate the company's current and target capital structure to see how much of this cap is actively utilized or needed. The total equity of the firm is 13,834,608,000 EUR, and its equity attributable to owners of the parent is 8,883,449,000 EUR. Noncontrolling interests (NCI) make up roughly 36% of the total equity, primarily reflecting EDP's stake in EDP Renováveis. 

For S&P's "intermediate" equity credit treatment, hybrids typically replace up to 25% of the adjusted equity base (Total Equity - NCI - minority adjustments) to support a solid BBB rating. EDP's adjusted equity base is approximately 8,883,449,000 EUR. Targeting 25% of this base yields a hybrid need of ~2.22 billion EUR. Even if targeting "high" equity credit (up to 50% of the adjusted equity base), the hybrid issuance would be ~4.44 billion EUR. 

Under either scenario, the target hybrid issuance (~2.2B - 4.4B EUR) is significantly below the S&P absolute limit of ~8.82B EUR (which represents 50% of the total adjusted equity of ~17.6B EUR, or 15% of total capital). EDP's conservative financial policy, solid investment-grade profile, and current capital allocation practices dictate using hybrids as a marginal credit tool rather than maximizing the absolute regulatory cap. 

Thus, relative to the S&P cap, the company's utilization should be at a mid-way point, benchmarked around half of the permissible limit, matching typical BBB/BBB+ utility structures rather than aggressive cap maximization. 

<answer>50%</answer>