Hybrid bonds should be used up to the cap of 15% equity credit per S&P, but the company must consider capital structure impact and risk. Given ERG’s leverage signals and substantial equity cushion (Equity Attributable To Owners Of Parent around 2.045 billion 2023 vs total assets ~5.226 billion), hybrids could be modest to balance cost of debt and flexibility. To stay within S&P cap, equity credit cannot exceed 15% of total adjusted capital, so hybrids could be used in a limited fashion, not exceeding the 15% credit. Based on this, the practical approach is to set the allowed equity credit via hybrids at 15%, which translates to using hybrids to reach up to 15% of total adjusted capital, but the question options are 0%, 25%, 50%, 75%, or 100%. Since 15% is not an option, the closest feasible choice to the cap is 0% or 25%. Given the cap, one should not exceed 15%, so the maximum under the given options without exceeding is 0%? Actually 25% would exceed the cap. Therefore the extent should be 0% to remain within the cap. Final: 0%
<answer>0%</answer>