To estimate the Net Debt to EBITDA ratio for Électricité de France (EDF) at the end of 2022 using the S&P Global Ratings methodology, we systematically adjust the reported figures to match S&P's standard definitions for adjusted debt and adjusted EBITDA.

**1. S&P Adjusted EBITDA:**
S&P typically starts with the reported operating profit before depreciation and amortization (EBITDA) and adds back cash dividends received from investments accounted for using the equity method (as this reflects the actual cash generated by joint ventures).
* Operating Profit Before Depreciation And Amortisation: -€4,986,000,000
* Dividends Received Classified As Operating Activities: €590,000,000
* **S&P Adjusted EBITDA** = -4,986,000,000 + 590,000,000 = **-€4,396,000,000**

**2. S&P Adjusted Net Debt:**
S&P adjusts reported financial debt by deducting available liquidity and adding specific debt-like obligations, predominantly unfunded post-retirement benefits and asset retirement obligations (AROs) net of dedicated assets.
* Total Financial Liabilities = Other Noncurrent Financial Liabilities (€71,058,000,000) + Other Current Financial Liabilities (€71,844,000,000) = €142,902,000,000
* Less Cash and Cash Equivalents: -€10,948,000,000
* Less Other Current Financial Assets (liquid investments/accessible cash): -€58,033,000,000
* Plus Noncurrent Provisions For Employee Benefits (Pensions): +€16,231,000,000
* Plus Net Asset Retirement Obligations (Nuclear Provisions net of Dedicated Assets) = Provisions Related To Nuclear Generation (€56,021,000,000) - Other Noncurrent Financial Assets (€48,512,000,000) = +€7,509,000,000
* **S&P Adjusted Net Debt** = 142,902 - 10,948 - 58,033 + 16,231 + 7,509 = **€97,661,000,000**

**3. Net Debt / EBITDA Ratio:**
* Ratio = Adjusted Net Debt / Adjusted EBITDA
* Ratio = 97,661,000,000 / -4,396,000,000 ≈ -22.216x

<answer>-22.2</answer>