To calculate the Net Debt / EBITDA ratio for Ørsted A/S in 2022 based on standard S&P Global Ratings methodology, we first determine the Adjusted Net Debt and Adjusted EBITDA based on the provided data.

**1. Adjusted Net Debt Calculation:**
S&P’s methodology for adjusted debt generally includes reported short-term and long-term interest-bearing debt, lease liabilities, asset retirement obligations (AROs), and a portion of hybrid capital, while deducting accessible cash and highly liquid short-term investments. 

* **Reported Interest-Bearing Debt:**
  - Long-term borrowings: 60,451 DKK
  - Short-term borrowings: 2,830 DKK
  - Total Borrowings = 63,281 million DKK

* **Lease Liabilities** (Already capitalized under IFRS 16):
  - Non-current lease liabilities: 7,697 DKK
  - Current lease liabilities: 569 DKK
  - Total Leases = 8,266 million DKK

* **Hybrid Capital:** 
  S&P typically assigns "intermediate equity content" to corporate hybrid capital, treating 50% as equity and 50% as debt.
  - Hybrid Capital: 19,793 DKK
  - 50% treated as debt = 9,896.5 million DKK

* **Asset Retirement Obligations (Provisions):**
  S&P adds AROs (which for Ørsted are largely offshore wind decommissioning obligations) directly to debt.
  - Non-current provisions: 19,121 DKK
  - Current provisions: 585 DKK
  - Total Provisions = 19,706 million DKK
  
*(Note: U.S. tax equity liabilities are generally viewed as non-debt-like equity participations by S&P and thus excluded from adjusted debt).*

* **Less: Accessible Cash & Liquid Investments:**
  - Cash: 16,178 DKK
  - Current Financial Assets At Fair Value Through Profit Or Loss (Highly liquid securities/investments): 25,197 DKK
  - Total deductions = 41,375 million DKK

* **Total S&P Adjusted Net Debt:**
  63,281 + 8,266 + 9,896.5 + 19,706 - 41,375 = **59,774.5 million DKK**

**2. Adjusted EBITDA:**
Using the standard IFRS operating profit before depreciation and amortization. Under IFRS 16, lease depreciation is excluded, and ARO accretion is in finance costs. 
- Profit Loss From Operating Activities Before Interest, Taxes, Depreciation, And Amortisation Expense (EBITDA) = **32,057 million DKK**

**3. Ratio Calculation:**
Net Debt / EBITDA = 59,774.5 / 32,057 ≈ 1.8646

<answer>1.86</answer>