To determine the extent to which ENGIE should utilize hybrid bonds relative to the 15% S&P Global Ratings cap, we must analyze the company’s capital structure as of the end of 2022.

1.  **Total Capital Base:**
    *   Equity attributable to owners of the parent: 34,253,000,000 EUR
    *   Noncontrolling interests: 5,032,000,000 EUR
    *   Total Equity: 39,285,000,000 EUR
    *   Long-term borrowings: 28,083,000,000 EUR
    *   Current borrowings (and current portion): 12,508,000,000 EUR
    *   Total Debt: 40,591,000,000 EUR
    *   Total Adjusted Capital (Debt + Equity): 79,876,000,000 EUR

2.  **S&P Hybrid Cap Calculation:**
    *   The cap is 15% of the Total Adjusted Capital (79,876,000,000 EUR).
    *   15% of 79,876,000,000 EUR = 11,981,400,000 EUR.

3.  **Current Hybrid Utilization:**
    *   The company reported "Deeply Subordinated Perpetual Notes" (which are typically classified as hybrid securities) at 3,393,000,000 EUR as of 2023-01-01.

4.  **Strategic Analysis:**
    *   The current utilization (3.39 billion EUR) is significantly below the S&P threshold (11.98 billion EUR). 
    *   Comparing the current utilization to the maximum allowable room: 3,393 / 11,981 ≈ 28.3%.
    *   Given the market conditions in 2022, where swap rates increased significantly (e.g., 10Y swap curve moved from an average of 0.053 in 2021 to 1.927 in 2022), the cost of debt has risen. Hybrid bonds offer an opportunity to manage capital structure efficiency while maintaining investment-grade metrics.
    *   Given that the company is currently using approximately 28% of its theoretical limit (rounded toward the provided options), and considering the financial profile and the significant gap between current usage and the ceiling, a moderate expansion of hybrid usage (towards the 25% to 50% range of the allowable cap) is reasonable. Given the options provided, 25% represents the most prudent alignment with the current usage level relative to the capacity limit.

<answer>25%</answer>