Ørsted already makes meaningful use of hybrid capital: hybrid capital at end-2022 was DKK 19.793bn, up from DKK 17.984bn a year earlier. Relative to reported equity of DKK 95.532bn and borrowings/lease debt of roughly DKK 71.547bn (long-term borrowings DKK 60.451bn + short-term borrowings DKK 2.830bn + lease liabilities DKK 8.266bn), hybrids are a significant but not excessive part of the capital structure.

S&P’s equity-credit cap is 15% of total adjusted capital. A rough cap estimate using debt plus equity is:

- Total adjusted capital proxy ≈ DKK 71.547bn debt + DKK 95.532bn equity = DKK 167.079bn
- 15% cap ≈ DKK 25.062bn
- Existing hybrid capital ≈ DKK 19.793bn
- Utilization ≈ 19.793 / 25.062 ≈ 79%

This points closest to the 75% option.

Qualitatively, Ørsted has strong strategic renewable infrastructure assets and solid profitability, but also high capital expenditure needs, rising long-term borrowings, volatile derivative/cash-flow hedge effects, and a sharply higher rate environment in 2022. Hybrid bonds are useful for balance-sheet support and ratings metrics, but the higher cost of hybrid funding argues against pushing fully to the cap unless necessary. Therefore, a high-but-not-maximal utilization is most appropriate.

<answer>75%</answer>