To estimate the Net Debt / EBITDA ratio for REDEIA CORPORACION SA at the end of 2022 (2023-01-01 balances) based on the S&P Global Ratings corporate methodology, we process the provided financial figures to derive S&P Adjusted Net Debt and S&P Adjusted EBITDA.

**1. S&P Adjusted EBITDA**
S&P typically starts with reported Operating Profit and adds back Depreciation and Amortization. Additionally, S&P excludes the non-cash share of profit from associates (equity method) and instead includes the actual cash dividends received from those investments.
*   **Operating Profit (Profit Loss From Operating Activities):** 961,554,000 EUR
*   **(+) Depreciation and Amortisation Expense:** 544,992,000 EUR
*   **(-) Share of Profit of Associates (Participacion En Beneficios De Sociedades...):** 50,405,000 EUR
*   **(+) Dividends Received from Associates:** 7,578,000 EUR
*   *S&P Adjusted EBITDA* = 961,554 + 544,992 - 50,405 + 7,578 = **1,463,719,000 EUR**

**2. S&P Adjusted Net Debt**
S&P defines Gross Debt as short-term and long-term borrowings. From this, surplus cash (which includes highly liquid short-term investments) is deducted. We can see a substantial movement from cash to short-term amortized cost investments between 2021 and 2022, which S&P groups as surplus liquid assets.
*   **Long-term Borrowings:** 5,491,124,000 EUR
*   **(+) Current Borrowings:** 721,845,000 EUR
*   *Gross Debt* = 6,212,969,000 EUR
*   **(-) Cash and Cash Equivalents:** 794,824,000 EUR
*   **(-) Current Financial Assets At Amortised Cost (Liquid Short-term Investments):** 752,505,000 EUR
*   *S&P Adjusted Net Debt* = 6,212,969 - 794,824 - 752,505 = **4,665,640,000 EUR**

*(Note: The other current financial liabilities of ~983m EUR are largely excluded as they correspond to non-debt operating payables/dividends aligning closely with the company's publicly reported ~4.63B net financial debt)*

**3. Ratio Calculation**
*   **Net Debt / EBITDA** = 4,665,640,000 EUR / 1,463,719,000 EUR ≈ 3.187

<answer>3.19</answer>