To determine the extent to which Electricité de France (EDF) should utilize hybrid bonds relative to S&P Global Ratings' 15% cap, we need to assess the company's current capital structure and the maximum permissible equity credit for hybrids.

1.  **Calculate Total Adjusted Capital:**
    According to S&P's methodology, Total Adjusted Capital (TAC) is defined as Debt plus Equity. We can derive these figures from the 2022 annual report balance sheet.
    *   **Equity:** The total equity attributable to owners of the parent and noncontrolling interests is €46,612,000,000.
    *   **Debt (Financial Liabilities):** The total financial debt includes both noncurrent and current financial liabilities.
        *   Other Noncurrent Financial Liabilities: €71,058,000,000
        *   Special French Public Electricity Distribution Concession Liabilities: €49,459,000,000
        *   Other Current Financial Liabilities: €71,844,000,000
        *   Total Debt = €71,058m + €49,459m + €71,844m = €192,361,000,000.
    *   **Total Adjusted Capital (TAC)** = Debt + Equity = €192,361,000,000 + €46,612,000,000 = **€238,973,000,000**.

2.  **Calculate the Maximum Equity Credit for Hybrids (15% Cap):**
    S&P limits the amount of equity credit it will assign to hybrid bonds to a maximum of 15% of TAC.
    *   Maximum Equity Credit = 15% × €238,973,000,000 = **€35,845,950,000** (approximately €35.8 billion).

3.  **Evaluate Existing Hybrids:**
    Looking at the equity section of the balance sheet and the cash flow statement, we identify existing hybrid instruments:
    *   The cash flow statement shows "Proceeds From Issue Of Subordinated Liabilities And Convertible Instruments" of €994,000,000 for 2022, and "Payments To Holders Of Perpetual Subordinated Bonds In Cfs" of €606,000,000.
    *   In the Statement of Changes in Equity, "Issuance And Redemption Of Perpetual Subordinated Bonds And Convertible Instruments" shows a negative balance of €1,025,000,000 for 2022, and "Payments On Perpetual Subordinated Bonds In Change In Equity" shows €606,000,000 paid out.
    *   The total amount of deeply subordinated perpetual bonds currently classified within or impacting equity appears to be relatively small, well under €5 billion. For context, the maximum capacity is ~€35.8 billion. 

4.  **Determine the Appropriate Utilization:**
    The question asks to what extent the company *should* utilize hybrid bonds *relative to the cap*. Given that EDF has an extremely high leverage profile (Debt-to-Equity ratio of over 4x) and its existing hybrids are only a tiny fraction of the 15% limit, there is substantial room to issue additional hybrid bonds to improve its financial ratios and obtain partial equity credit from rating agencies. For a utility with such high financial risk and massive capex needs, utilizing the maximum allowable amount of hybrids is a highly advantageous strategy to manage leverage metrics and support its balance sheet without diluting shareholders. Therefore, the company should look to fully utilize its allowable capacity up to the S&P cap, corresponding to 100% of the limit.

<answer>100%</answer>