To estimate the Net Debt / EBITDA ratio for ENEL SPA at the end of 2022 using the S&P methodology, we first determine the Adjusted Net Debt and Adjusted EBITDA using the provided standard financial figures.

**1. S&P Adjusted Net Debt:**
The S&P methodology calculates Net Debt by summing reported financial debt, adding specific debt-like obligations (such as underfunded pensions and a portion of hybrid bonds), and subtracting highly liquid cash and cash equivalents. 

- **Reported Borrowings:** 
  - Long-term Borrowings = 68,191,000,000 EUR
  - Short-term Borrowings = 18,392,000,000 EUR
  - Current Portion of Long-term Borrowings = 2,835,000,000 EUR
  - *Total Reported Debt = 89,418,000,000 EUR*

- **S&P Adjustments to Debt:**
  - **Hybrid Bonds:** S&P typically treats 50% of perpetual hybrid equity instruments as debt. 
    - 50% of "Equity Instruments Perpetual Hybrid Bonds" (5,567,000,000 EUR) = 2,783,500,000 EUR
  - **Pensions:** Unfunded pension/employee benefit obligations are treated as debt.
    - Noncurrent Provisions For Employee Benefits = 2,202,000,000 EUR
  - **Cash & Cash Equivalents (Deduction):** 
    - Cash And Cash Equivalents = -11,041,000,000 EUR

*Calculation for S&P Adjusted Net Debt:*
89,418,000,000 + 2,783,500,000 + 2,202,000,000 - 11,041,000,000 = **83,362,500,000 EUR**

*(Note: While S&P sometimes nets strictly defined cash collateral from margin calls included in other short-term financial assets, using standard generic adjustments on the reported line items yields this core Net Debt).*

**2. S&P Adjusted EBITDA:**
Standard S&P EBITDA adds back Depreciation, Amortization, and Impairments to the Operating Profit.
- Profit/Loss From Operating Activities = 11,193,000,000 EUR
- Depreciation, Amortisation, And Impairment Loss = 7,447,000,000 EUR

*Calculation for EBITDA:*
11,193,000,000 + 7,447,000,000 = **18,640,000,000 EUR**

**3. Net Debt / EBITDA Ratio:**
83,362,500,000 EUR / 18,640,000,000 EUR ≈ 4.472x

<answer>4.47</answer>