To estimate the FFO (Funds From Operations) to Net Debt ratio for EDP, S.A. at the end of 2022, we can use the standard definitions for FFO and Net Debt.

**1. Calculate FFO (Funds From Operations):**
FFO is typically calculated as EBITDA minus net interest expenses and paid taxes. 

First, we identify the EBITDA equivalent from the facts:
* Profit Before Provisions, Amortisation, Impairment, Financial Income/Expenses, Income Tax, and CESE (EBITDA) = 4,523,539,000 EUR

Next, we identify Net Financial Costs:
* Finance Costs = 1,753,220,000 EUR
* Finance Income = 843,000,000 EUR
* Net Finance Cost = 1,753,220,000 - 843,000,000 = 910,220,000 EUR

Next, we find the Income Tax and Energy Sector Contributions:
* Income Tax Expense and Extraordinary Contribution to the Energy Sector (CESE) = 450,024,000 EUR

Now, we can calculate the FFO:
* FFO = EBITDA - Net Finance Cost - Income Tax and CESE 
* FFO = 4,523,539,000 - 910,220,000 - 450,024,000 = 3,163,295,000 EUR

*(Note: FFO is also roughly equivalent to Net Profit + Depreciation & Amortization: 1,169,749,000 + 1,979,007,000 = 3,148,756,000 EUR, bringing us to a nearly identical conclusion).*

**2. Calculate Net Debt:**
Net Debt consists of short-term and long-term borrowings minus cash and cash equivalents.
* Long-term Borrowings = 15,782,604,000 EUR
* Current Borrowings and Current Portion of Non-current Borrowings = 4,239,869,000 EUR
* Total Gross Debt = 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR

Subtracting highly liquid assets:
* Cash and Cash Equivalents = 4,900,205,000 EUR
* Net Debt = 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR

**3. Calculate the Ratio:**
* FFO / Net Debt Ratio = 3,163,295,000 EUR / 15,122,268,000 EUR ≈ 0.20918 (or roughly 20.9%)

<answer>0.21</answer>