Ørsted is a capital‑intensive, regulated renewable‑energy group with strong, contracted cash‑flows and a solid credit profile (EBITDA ≈ 32 bn DKK, interest coverage ≈ 8×, net debt/EBITDA ≈ 2.2×). Its current hybrid‑capital balance is ≈ 19.8 bn DKK, representing about 20 % of total equity and ≈ 6 % of total assets. Hybrid bonds carry an after‑tax cost of roughly 2.5 %, well below the cost of senior debt, and rating agencies grant partial equity credit for hybrids, supporting the credit rating while preserving shareholder value.

Given the company’s large investment programme and need to manage leverage, a modest increase in the hybrid‑capital share is beneficial: it lowers the overall cost of financing, provides equity‑like treatment from rating agencies, and adds flexibility without creating excessive subordination risk. Targeting roughly one‑quarter of equity (≈ 25 % of the equity‑plus‑hybrid base) aligns with best‑practice for large regulated utilities and reflects the current moderate reliance on hybrids.

**Recommended reliance on hybrid bonds: 25 % of the equity portion of the capital structure.**

<answer>25%</answer>