To determine the extent to which Naturgy Energy Group S.A. should utilize hybrid bonds relative to the S&P Global Ratings' 15% equity credit cap, we evaluate the company's financial position at the end of 2022.

1.  **Adjusted Capital Calculation:**
    *   **Equity:** The company reports total "Equity" of 9,979,000,000 EUR (2022-01-01 / end of 2022).
    *   **Debt:** The company reports "Noncurrent Financial Liabilities" of 13,999,000,000 EUR and "Current Financial Liabilities" of 2,302,000,000 EUR. Total Debt = 16,301,000,000 EUR.
    *   **Total Adjusted Capital:** Equity (9.979B) + Debt (16.301B) = 26,280,000,000 EUR.
    *   **S&P 15% Hybrid Cap:** 15% of 26,280,000,000 = 3,942,000,000 EUR.

2.  **Company Financial Health:**
    *   The company has strong cash flows, with "Cash Flows From Used In Operating Activities" of 4,242,000,000 EUR for 2022, a significant increase from 1,001,000,000 EUR in 2021.
    *   "Profit Loss" is 1,826,000,000 EUR, and "EBITDA" is 4,954,000,000 EUR.
    *   The company has successfully managed its debt reduction, with "Noncurrent Financial Liabilities" decreasing from 15,114,000,000 EUR in 2022-01-01 to 13,999,000,000 EUR by 2023-01-01.

3.  **Strategic Outlook:**
    *   With an robust operating cash flow and a healthy equity-to-debt ratio, Naturgy does not show signs of financial distress that would necessitate aggressive reliance on hybrid instruments to manage credit ratings.
    *   Market data (Swap Curves and Bond yields) shows rising interest rates in 2022 (e.g., 10Y swap rising from ~0.05% to 1.93%), making the issuance of new, expensive hybrid debt less attractive compared to organic growth or standard debt refinancing.
    *   Given the company's solid ability to generate cash and its deleveraging trend, there is little strategic incentive to max out the hybrid capacity. Utilizing the full capacity (100%) would be excessive, but the company remains stable enough to utilize a portion. However, based on typical conservative capital structure management for utilities with strong cash generation, 0% is the most prudent stance for increasing hybrid exposure when liquidity is already strong.

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