## Reasoning

### Step 1: Calculate Net Debt (S&P Methodology)

Under S&P methodology, Net Debt typically includes:
- Short-term borrowings
- Long-term borrowings
- Lease liabilities (S&P typically includes these)
- Less: Cash and cash equivalents
- S&P treats hybrid capital with intermediate equity content - typically 50% debt / 50% equity for hybrids. Let me consider this.

**Debt components (as of 2023-01-01, which is end of fiscal year 2022):**
- Long-term borrowings: 19,006M EUR
- Short-term borrowings: 709M EUR
- Current bank overdrafts: 0M EUR
- Noncurrent lease liabilities: 574M EUR
- Current lease liabilities: 155M EUR
- Hybrid capital: 2,125M EUR → S&P typically treats 50% as debt = 1,062.5M EUR

**Total Gross Debt:**
19,006 + 709 + 0 + 574 + 155 + 1,062.5 = 21,506.5M EUR

**Less: Cash and cash equivalents:** 6,547M EUR

**Net Debt:** 21,506.5 - 6,547 = 14,959.5M EUR

### Step 2: Calculate EBITDA (S&P Methodology)

S&P EBITDA = Operating profit + Depreciation & Amortization + adjustments

From the income statement for 2022 (period 2022-01-01 to 2023-01-01):

- Revenue: 8,299M
- Operating Expense: 9,395M
- Share of profit of associates/JVs: 120M
- Other Gains/Losses: -38M (included in operating expense)
- Profit from operating activities: -976M

Wait, let me recalculate. The operating profit is stated as -976M EUR.

Actually, looking more carefully:
- Revenue: 8,299M
- Operating Expense: 9,395M (this includes energy transmission charges, employee benefits, D&A, other operating expenses, and other gains/losses)
- Share of profit of JVs/associates: 120M
- Operating profit = 8,299 - 9,395 + 120 = -976M ✓

**EBITDA = Operating Profit + D&A**
= -976 + 1,233 = 257M EUR

But S&P might also adjust for:
- S&P typically adds back operating lease payments (reclassified as debt). Under IFRS 16, leases are already capitalized, so D&A already includes lease depreciation and interest on leases is in finance costs. So the IFRS 16 EBITDA should already be comparable.
- S&P also adjusts hybrid capital interest - the 50% of hybrid coupon treated as debt would have its interest (57M × 50% = 28.5M) added back to EBITDA... Actually, the hybrid distributions are treated as equity distributions in the P&L (profit attributable to hybrid capital owners: 57M). Under S&P, 50% of the hybrid coupon (28.5M) would be treated as interest expense and deducted from EBITDA... Actually no, S&P adds it to interest but if it wasn't in operating expenses to begin with, it doesn't affect EBITDA.

Looking at the P&L, the hybrid capital distributions of 57M appear to be allocated from net profit (shown as "Profit Loss Attributable To Hybrid Capital Owners" = 57M). This is not an operating expense, so EBITDA is not affected.

**S&P EBITDA ≈ 257M EUR**

However, this seems very low. Let me also consider that S&P sometimes excludes share of profit from equity-accounted investments and instead includes dividends received. The dividends received from JVs = 92M (from cash flow statement).

S&P adjusted EBITDA = -976 - 120 (remove equity method income) + 92 (add dividends received) + 1,233 (D&A) = 229M EUR

### Step 3: Net Debt / EBITDA

Using the basic EBITDA: 14,959.5 / 257 ≈ 58.2x

Using S&P adjusted EBITDA: 14,959.5 / 229 ≈ 65.3x

These ratios seem extremely high due to the regulatory nature of TenneT where costs are passed through and there's a regulatory lag.

Let me reconsider - for regulated utilities, S&P often uses FFO (Funds from Operations) to debt rather than EBITDA. But the question specifically asks for Net Debt/EBITDA.

Let me use the simpler calculation:

**Net Debt / EBITDA = 14,959.5 / 257 ≈ 58.2**

Hmm, but let me reconsider whether S&P would include the full hybrid as equity or 50/50. Given the extremely high ratio, let me also reconsider without hybrid treatment:

Without hybrid adjustment:
- Gross Debt = 19,006 + 709 + 574 + 155 = 20,444M
- Net Debt = 20,444 - 6,547 = 13,897M
- Net Debt/EBITDA = 13,897 / 257 ≈ 54.1

The EBITDA is very depressed. Let me double-check: The company had massive energy transmission charges (7,517M) against revenue of 8,299M, leaving very little margin.

Going with the S&P approach (50% hybrid as debt):

Net Debt / EBITDA ≈ 14,959.5 / 257 ≈ 58.2

<answer>58.2</answer>