To determine the extent to which Ørsted A/S 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.  **Identify Total Equity:**
    *   Equity Attributable to Owners of Parent: 71,743,000,000 DKK
    *   Hybrid Capital: 19,793,000,000 DKK
    *   Noncontrolling Interests: 3,996,000,000 DKK
    *   Total Equity = 71,743,000,000 + 19,793,000,000 + 3,996,000,000 = 95,532,000,000 DKK.

2.  **Identify Total Debt (Adjusted):**
    *   Long-term Borrowings: 60,451,000,000 DKK
    *   Short-term Borrowings: 2,830,000,000 DKK
    *   Total Debt = 63,281,000,000 DKK.

3.  **Total Adjusted Capital (Debt + Equity):**
    *   63,281,000,000 + 95,532,000,000 = 158,813,000,000 DKK.

4.  **Evaluate Hybrid Credit:**
    *   S&P limits equity credit for hybrids to 15% of the total adjusted capital.
    *   Maximum allowable hybrid credit = 15% * 158,813,000,000 = 23,821,950,000 DKK.
    *   Ørsted’s current Hybrid Capital is 19,793,000,000 DKK.

5.  **Ratio Analysis:**
    *   Current hybrid usage relative to the 15% cap: 19,793,000,000 / 23,821,950,000 ≈ 83%.
    *   Given the significant capital expenditure required for "Production Assets" (119,211,000,000 DKK) and "Construction In Progress" (48,931,000,000 DKK), the company requires efficient capital structures to maintain its credit rating while funding growth. Since the current usage is approximately 83% of the limit, recommending 75% represents a prudent approach that balances current utilization with the capacity to issue more hybrid instruments should the need arise without breaching the rating agency's threshold.

<answer>75%</answer>