Ørsted already uses hybrid capital materially: hybrid capital was DKK 19.8bn at year-end 2022 versus total equity of DKK 95.5bn, or about 21% of book equity. Relative to total assets, it is only about 6%, so it is meaningful but not dominant.

A heavy reliance on hybrids is not ideal here for several reasons:

- The company is capital-intensive, with large production assets and construction-in-progress, so it needs long-term funding flexibility.
- Leverage increased: liabilities rose to DKK 218.6bn and long-term borrowings nearly doubled to DKK 60.5bn.
- Interest rates rose sharply in 2022 across the swap curve, making hybrid financing more expensive than in 2020–2021.
- Hybrid coupon payments increased, and the company also repurchased and issued hybrid capital, indicating active use but also refinancing sensitivity.
- Operating performance is strong, with EBITDA of DKK 32.1bn and profit of DKK 15.0bn, so some hybrid capital is supportable.
- However, cash flow from operations was only DKK 11.9bn while investing cash flow was negative DKK 17.9bn, suggesting funding needs are high and overreliance on expensive hybrid instruments could pressure cash flows.

Overall, hybrids are useful for Ørsted because they provide equity-like support while avoiding full shareholder dilution, and the current balance sheet already shows a moderate hybrid component. But given rising rates, high capex, and already substantial borrowings, the optimal reliance should be moderate rather than high.

<answer>25%</answer>