The company’s total adjusted capital (debt + equity) for FY 2022 is about €12.3 billion.  
S&P’s cap limits equity‑credit on hybrid instruments to 15 % of this amount, i.e. roughly €1.84 billion.  

VERBUND has a strong balance sheet (debt/equity ≈ 47 %, EBITDA‑to‑interest ≈ 31 ×) and solid cash generation, so it can accommodate the full permissible hybrid issuance without jeopardising its credit rating. Using the entire allowed capacity provides the greatest tax‑deductible funding advantage while staying within S&P’s guidelines.

**Recommended utilization:** 100 % of the S&P‑allowed hybrid cap.  

<answer>100%</answer>