To estimate the Net Debt/EBITDA ratio based on the provided data for TenneT Holding B.V. for the period 2022 (reporting period 2022-01-01 to 2023-01-01):

1.  **Identify Net Debt**: 
    *   **Long-term borrowings**: 19,006,000,000 EUR
    *   **Short-term borrowings**: 709,000,000 EUR
    *   **Total Debt**: 19,715,000,000 EUR
    *   **Cash and cash equivalents**: 6,547,000,000 EUR
    *   **Net Debt** = Total Debt - Cash = 19,715,000,000 - 6,547,000,000 = **13,168,000,000 EUR**.

2.  **Identify EBITDA**:
    *   TenneT's "Profit/Loss from Operating Activities" was -976,000,000 EUR.
    *   "Depreciation and Amortisation Expense" was 1,233,000,000 EUR.
    *   EBITDA = Operating Profit + Depreciation and Amortisation
    *   EBITDA = -976,000,000 + 1,233,000,000 = **257,000,000 EUR**.

3.  **Calculation**:
    *   Net Debt / EBITDA = 13,168,000,000 / 257,000,000 ≈ 51.237

*Note on methodology*: Under standard S&P rating methodology, Net Debt typically includes short-term and long-term financial debt, lease liabilities, and occasionally adjustments for pension deficits or specific provisions. However, given the provided line items, the basic calculation using the sum of borrowings minus cash and the standard operating income plus depreciation formula leads to the result below.

<answer>51.24</answer>