To estimate the Net Debt to EBITDA ratio for EDP, S.A. for the year 2022 based on the S&P Global Ratings methodology, we need to adjust both reported Net Debt and reported EBITDA according to S&P's specific adjustments for utilities.

**1. S&P Adjusted EBITDA Calculation:**
S&P defines EBITDA as operating revenues minus operating expenses, effectively EBIT + D&A. Crucially, S&P removes the equity share of net income from joint ventures and associates and adds back cash dividends received from those equity investments. Additionally, S&P deducts recurring operating provisions and sector-specific asset/revenue taxes (like the CESE in Portugal) which are often presented below headline EBITDA by the company. 

*   **Reported EBITDA (Before Provisions and CESE):** 4,523,539,000 EUR
*   *Less* Equity in net income of JVs & Associates: -239,429,000 EUR
*   *Plus* Dividends received from JVs & Associates: +81,394,000 EUR
*   *Less* Provisions Expenses (treated as recurring operating expense): -14,539,000 EUR
*   *Less* Extraordinary Contribution to the Energy Sector (CESE): -51,534,000 EUR
*   **S&P Adjusted EBITDA:** 4,299,431,000 EUR

**2. S&P Adjusted Net Debt Calculation:**
S&P adjusts reported financial debt to include several debt-like obligations: unfunded pension & postretirement obligations, asset retirement obligations (AROs - here approximated by long-term and short-term provisions), and tax equity financings (common in renewables, appearing as Institutional Partnerships). Lease liabilities are already accounted for in EDP's reported Borrowings. Accessible cash and debt-associated collateral deposits are subtracted.

*   **Reported Financial Borrowings (Long-term + Short-term):** 15,782,604,000 + 4,239,869,000 = 20,022,473,000 EUR
*   *Plus* Institutional Partnerships in North America (Tax Equity): +2,212,162,000 EUR
*   *Plus* Provisions for Employee Benefits (Pensions - Current & Noncurrent): 644,299,000 + 126,767,000 = 771,066,000 EUR
*   *Plus* Other Provisions (AROs proxy - Longterm & Shortterm): 922,059,000 + 51,285,000 = 973,344,000 EUR
*   *Less* Cash and Cash Equivalents: -4,900,205,000 EUR
*   *Less* Collateral Deposits Associated to Financial Debt (Current & Noncurrent): -29,336,000 - 23,765,000 = -53,101,000 EUR
*   **S&P Adjusted Net Debt:** 19,025,739,000 EUR

**3. Net Debt / EBITDA Ratio:**
*   **Ratio:** 19,025,739,000 EUR / 4,299,431,000 EUR = 4.425

<answer>4.42</answer>