I'll work through this step-by-step following the S&P methodology.

## Step 1: Identify the Relevant Industry

ENEL SpA is a major integrated utility company operating in electricity generation (both regulated and unregulated), distribution, and supply across Europe and Latin America. It has significant regulated utility operations (networks/distribution) and unregulated power generation (including renewables). The primary methodology would be **Regulated Utilities** combined with **Unregulated Power and Gas** elements, as ENEL is an integrated utility.

## Step 2: Estimate Adjusted Debt

### Reported Debt
From the balance sheet (as of Jan 1, 2023 = Dec 31, 2022):
- Long-term borrowings: €68,191M
- Short-term borrowings: €18,392M
- Current portion of long-term borrowings: €2,835M
- **Total reported debt = 68,191 + 18,392 + 2,835 = €89,418M**

### Hybrid Bonds
ENEL has perpetual hybrid bonds recorded in equity:
- Equity Instruments Perpetual Hybrid Bonds: €5,567M (as of Jan 1, 2023)
- S&P typically gives 50% equity credit to hybrid bonds, meaning 50% is treated as debt
- **Hybrid debt portion = 5,567 × 0.50 = €2,784M**

### Pension Deficit
- Noncurrent provisions for employee benefits: €2,202M
- This represents the pension/post-retirement obligation. S&P adds the underfunded pension to debt.
- **Pension deficit = €2,202M**

### Operating Leases
- The reported PP&E likely includes right-of-use assets under IFRS 16, and lease liabilities are included in borrowings. Under IFRS 16, leases are already on-balance-sheet, so no additional adjustment is typically needed.

### Eligible Cash
- Cash and cash equivalents: €11,041M
- S&P typically allows deduction of surplus cash. For utilities, a conservative approach might keep some operational cash. I'll assume S&P nets out a portion. Typically for large utilities, S&P might deduct excess cash but keep some operating minimum. I'll conservatively deduct 75% of cash.
- **Eligible cash = 11,041 × 0.75 = €8,281M**

### Other Debt-Like Items
- Other noncurrent financial liabilities: €0M
- Other current financial liabilities: €853M (relatively small, likely already captured)

### Adjusted Debt Calculation
```
Adjusted_Debt = 89,418 + 2,784 + 2,202 - 8,281 = €86,123M
```

## Step 3: Estimate Adjusted EBITDA

### Reported EBITDA (from continuing operations)
- Operating profit (EBIT): €11,193M
- D&A and impairment: €7,447M
- **EBITDA = 11,193 + 7,447 = €18,640M**

### Hybrid Bond Coupon Adjustment
- Coupon paid on hybrid bonds: €123M
- Since 50% is treated as debt, the interest portion (50%) should be deducted from EBITDA
- **Hybrid interest adjustment = -123 × 0.50 = -€62M**

### Pension Adjustments
- S&P adjusts EBITDA by adding back pension service costs and subtracting a normalized pension expense. Without detailed breakdown, I'll treat this as roughly neutral given the data available.

### Discontinued Operations
- S&P typically focuses on continuing operations for forward-looking analysis. The loss from discontinued operations (€2,298M) would not be included.

### Operating Lease Adjustment
- Under IFRS 16, depreciation of right-of-use assets is in D&A and interest on lease liabilities is in finance costs. EBITDA already excludes these, so the IFRS 16 EBITDA is consistent with S&P's approach.

### Adjusted EBITDA Calculation
```
Adjusted_EBITDA = 18,640 - 62 = €18,578M
```

## Step 4: Calculate the Ratio

```
Adjusted_Debt / Adjusted_EBITDA = 86,123 / 18,578 = 4.635
```

Rounding to two decimal places: **4.63**

<answer>4.63</answer>