I'll follow the S&P methodology workflow to estimate the FFO/Adjusted_Debt ratio for EDP, S.A. for fiscal year 2022.

## Step 1: Identify the Relevant Industry

EDP, S.A. is described as a company engaged in "generation, transmission, distribution and supply of electricity and supply of gas."

This is a **multi-utility** company operating in the **Regulated Utilities** sector, with some exposure to unregulated renewable generation. The company operates primarily under regulatory frameworks but also has unregulated generation activities (renewable energy). I will apply the **Regulated Utilities** methodology as the primary framework, with considerations for the diversified nature of operations.

## Step 2: Estimate Adjusted_EBITDA

Starting with the P&L data for 2022 (2022-01-01 to 2023-01-01):

**EBITDA Reconstruction:**
- Profit before financial income and expenses (EBIT proxy): 2,529,993,000 EUR
- Add back: Depreciation, Amortisation and Impairment: 1,979,007,000 EUR
- **EBITDA = 2,529,993,000 + 1,979,007,000 = 4,508,900,000 EUR**

**Adjustments for Regulated Utilities:**

1. **Provisions expense adjustment**: -14,539,000 EUR (deduct as normalizing adjustment for non-recurring items)

2. **Joint Ventures and Associates**: 
   - Share of results from JVs/Associates: 239,429,000 EUR
   - Per S&P methodology, add back proportional EBITDA equivalent adjustments
   - Adjustment: -239,429,000 EUR (remove from consolidated as they're equity-accounted)

3. **Lease adjustments**: 
   - Right-of-use assets: 1,320,270,000 EUR (2023) vs 1,007,029,000 EUR (2022)
   - Lease obligations are implicit in finance costs
   - Operating lease adjustment (approximate): 133,696,000 EUR (lease payments per cash flow statement)

4. **Other normalization adjustments**:
   - Impairment losses related to trade receivables are embedded in operating results
   - No significant pension remeasurement adjustments needed beyond reported figures

**Adjusted_EBITDA = 4,508,900,000 - 14,539,000 - 239,429,000 + 133,696,000 = 4,388,728,000 EUR**

## Step 3: Estimate FFO

**FFO = Adjusted_EBITDA - cash_interest - cash_taxes**

From the cash flow statement (2022):
- Interest and similar costs of financial debt: 716,454,000 EUR
- Interest from loans to non-controlling interests: 12,885,000 EUR
- Interest from related parties: 111,000 EUR
- **Total Cash Interest = 716,454,000 + 12,885,000 + 111,000 = 729,450,000 EUR**

Cash taxes paid (approximate):
- Income Tax and CESE adjustments: 450,024,000 EUR (from P&L)
- Less: non-cash items
- **Estimated Cash Taxes ≈ 450,024,000 - 258,849,000 (income tax adjustment in operations) = estimate using actual tax expense: 450,024,000 EUR**
- More conservatively, using the operating cash flow statement: 258,849,000 EUR paid (from "Income Tax and CESE" line)

**FFO = 4,388,728,000 - 729,450,000 - 258,849,000 = 3,400,429,000 EUR**

## Step 4: Estimate Adjusted_Debt

**Components of Reported Debt (as of 2022-01-01):**
- Long-term borrowings: 15,299,588,000 EUR
- Current borrowings and current portion of non-current borrowings: 1,518,348,000 EUR
- **Total Reported Debt = 16,817,936,000 EUR**

**Adjustments:**

1. **Operating Leases (IFRS 16 adjustments)**:
   - Right-of-use assets as proxy: 1,007,029,000 EUR (2022 opening balance)
   - Lease obligations capitalized are minimal; using ROU asset value as approximation

2. **Pension deficit**: 
   - Noncurrent provisions for employee benefits: 940,266,000 EUR
   - Current provisions for employee benefits: 179,534,000 EUR
   - **Total Pension Provisions = 1,119,800,000 EUR**
   - No indication of significant unfunded pension liabilities requiring adjustment

3. **Cash and Equivalents (eligible cash to deduct)**:
   - Cash and cash equivalents (2022): 3,222,409,000 EUR

4. **Other adjustments**:
   - Institutional Partnerships in North America (project finance): 2,259,741,000 EUR
   - Per S&P methodology for utilities, this may be deconsolidated or adjusted depending on recourse
   - For conservative approach, maintain in debt calculation

**Adjusted_Debt = 16,817,936,000 + 1,007,029,000 + 1,119,800,000 - 3,222,409,000**
**Adjusted_Debt = 15,722,356,000 EUR**

## Step 5: Calculate FFO / Adjusted_Debt Ratio

**FFO / Adjusted_Debt = 3,400,429,000 / 15,722,356,000 = 0.2163**

<answer>0.2163</answer>