To estimate the Net Debt / EBITDA ratio for EDP, S.A. for the year 2022 based on S&P methodology, we proceed as follows:

1.  **Identify Net Debt (2022-12-31 / 2023-01-01):**
    *   Total Borrowings (Long-term + Current): 15,782,604,000 (Long-term) + 4,239,869,000 (Current) = 20,022,473,000 EUR.
    *   Cash and Cash Equivalents: 4,900,205,000 EUR.
    *   Net Debt = Total Borrowings - Cash and Cash Equivalents = 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR.

2.  **Estimate EBITDA (2022-01-01 - 2023-01-01):**
    *   S&P methodology typically calculates EBITDA by taking the operating profit and adding back depreciation and amortization.
    *   Profit Loss Before Financial Income and Financial Expenses, Income Tax Expense, and Extraordinary Contribution to the Energy Sector (CESE) is 2,529,993,000 EUR.
    *   Depreciation, Amortisation, and Impairment Loss Reversal: 1,979,007,000 EUR.
    *   Provisions Expenses: 14,539,000 EUR.
    *   EBITDA = (Profit Before Financial/Tax/CESE) + (Depreciation & Amortization) + (Provisions)
    *   EBITDA = 2,529,993,000 + 1,979,007,000 + 14,539,000 = 4,523,539,000 EUR. (Note: The fact sheet provides an explicit figure for "Profit Loss Before Provisions Amortisation And Impairment Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE" as 4,523,539,000 EUR, which aligns with the calculation).

3.  **Calculate Ratio:**
    *   Net Debt / EBITDA = 15,122,268,000 / 4,523,539,000 ≈ 3.34299.

<answer>3.34</answer>