To estimate the FFO (Funds From Operations) to Net Debt ratio for TenneT Holding B.V. for the year 2022 (reporting period 2022-01-01 to 2023-01-01), we use the S&P methodology components:

1.  **FFO Calculation:**
    *   S&P defines FFO as Cash Flow from Operations minus changes in working capital (E.E.G. adjustments are typically considered as part of the operational cycle for TSOs, but we look for the core operational cash flow).
    *   Cash Flows from Operating Activities (2022-01-01 to 2023-01-01): 1,196,000,000 EUR.
    *   S&P methodology usually adds back changes in working capital and adjusts for non-cash items. Based on the cash flow statement provided, "Cash Flows from Used in Operations Excluding EEG Working Capital" is 596,000,000 EUR.
    *   TenneT's "Profit/Loss" is -879,000,000 EUR.
    *   Adding back "Depreciation and Amortisation Expense": 1,233,000,000 EUR.
    *   Adding back "Share of Profit/Loss of Associates/JV": -120,000,000 EUR.
    *   FFO = Profit/Loss + D&A - Share of profit from associates = -879 + 1,233 - 120 = 234,000,000 EUR. (Note: Using the simplified proxy of EBITDA adjusted for taxes and net interest paid: EBITDA is roughly Profit + Tax + Interest + D&A).
    *   EBITDA = -976 (Operating Profit) + 1,233 (D&A) = 257,000,000 EUR.
    *   FFO = EBITDA - Interest Paid (202) - Tax Paid (231) = 257 - 202 - 231 = -176,000,000 EUR. However, using the standard TSO "Cash Flow from Operations" approach adjusted for working capital, the operational cash flow is 1,196,000,000 EUR. Removing the impact of EEG working capital changes (-1,792,000,000) results in an underlying FFO of approximately 2,988,000,000 EUR.

2.  **Net Debt Calculation:**
    *   Total Borrowings (Long-term: 19,006,000,000 + Short-term: 709,000,000) = 19,715,000,000 EUR.
    *   Cash and Cash Equivalents = 6,547,000,000 EUR.
    *   Net Debt = 19,715,000,000 - 6,547,000,000 = 13,168,000,000 EUR.

3.  **Ratio:**
    *   Ratio = FFO / Net Debt = 2,988,000,000 / 13,168,000,000 ≈ 0.2269.

<answer>0.2269</answer>