To determine the extent to which Ørsted A/S should utilize hybrid bonds relative to S&P Global Ratings' cap, we must calculate the current ratio of hybrid capital to total adjusted capital and compare it to the 15% limit.

**1. Identify Relevant Financial Data (from 2022 Annual Report):**
*   **Hybrid Capital:** The report lists "Hybrid Capital" under Equity.
    *   Value at 2022-01-01 (Start of period): 17,984,000,000 DKK
    *   Value at 2023-01-01 (End of period): 19,793,000,000 DKK
    *   We will use the year-end figure (2023-01-01) as it represents the current standing at the end of the reporting period.
    *   $Hybrid Capital = 19,793,000,000$ DKK

*   **Total Equity:**
    *   Value at 2023-01-01: 95,532,000,000 DKK

*   **Total Liabilities (Debt Proxy):**
    *   Value at 2023-01-01: 218,610,000,000 DKK
    *   Note: S&P's "Total Adjusted Capital" is defined as Debt + Equity. In this context, "Debt" generally refers to interest-bearing liabilities or total liabilities depending on the specific rating methodology adjustment. However, the cap is defined as Hybrid Capital / (Debt + Equity) $\le$ 15%. Let's use Total Liabilities as the conservative proxy for Debt, or look for specific interest-bearing debt.
    *   Interest-bearing debt components from the balance sheet:
        *   Long-term Borrowings: 60,451,000,000 DKK
        *   Short-term Borrowings: 2,830,000,000 DKK
        *   Lease Liabilities (Current + Noncurrent): 569,000,000 + 7,697,000,000 = 8,266,000,000 DKK
        *   Total Interest-Bearing Debt $\approx$ 71,547,000,000 DKK.
    *   However, rating agencies often adjust debt to include other obligations or use Total Capitalization (Total Debt + Total Equity). Let's look at the standard definition: Adjusted Capital = Total Debt + Total Equity.
    *   Let's check the ratio using Total Liabilities first to see if it's even close, then refine.
    *   Total Capital (Liabilities + Equity) = 218,610,000,000 + 95,532,000,000 = 314,142,000,000 DKK.
    *   Ratio = 19,793 / 314,142 $\approx$ 6.3%. This is well below 15%.

    Let's use a more standard "Debt" definition for rating caps, which usually excludes trade payables and provisions.
    *   Total Debt (Interest Bearing) $\approx$ 71.5 billion DKK.
    *   Total Equity = 95.5 billion DKK.
    *   Total Adjusted Capital = Debt + Equity = 71.5 + 95.5 = 167 billion DKK.
    *   Hybrid Capital = 19.8 billion DKK.
    *   Ratio = 19.8 / 167 $\approx$ 11.85%.

    Even if we consider "Debt" to be broader (e.g., including derivative liabilities which are significant here due to hedging), the denominator increases, lowering the ratio.
    *   Current Derivative Financial Liabilities: 33,438,000,000 DKK
    *   Noncurrent Derivative Financial Liabilities: 24,121,000,000 DKK
    *   If these are treated as debt-like (often they are netted or adjusted, but let's assume worst case for denominator):
    *   Adjusted Debt $\approx$ 71.5 + 57.5 = 129 billion DKK.
    *   Total Adjusted Capital = 129 + 95.5 = 224.5 billion DKK.
    *   Ratio = 19.8 / 224.5 $\approx$ 8.8%.

    In all reasonable interpretations of "Total Adjusted Capital" (Debt + Equity), the current hybrid capital constitutes significantly less than 15% of the total.
    
    *   Calculation with standard Interest-Bearing Debt:
        *   Hybrids: ~19.8 bn DKK
        *   Debt: ~71.5 bn DKK
        *   Equity: ~95.5 bn DKK
        *   Total Cap Base: ~167 bn DKK
        *   Current %: ~11.9%
    
    *   The cap is 15%.
    *   The company is currently *under* the cap.
    *   The question asks: "To what extent should this company utilize hybrid bonds **relative to** S&P Global Ratings' cap..."
    
    This phrasing can be interpreted in two ways:
    1.  What percentage of the *allowed cap* is currently being used? (Utilization Rate)
    2.  Should they issue more to reach the cap? (Strategic Recommendation)
    
    Usually, these questions in financial analysis contexts regarding "extent relative to cap" ask for the current utilization level compared to the maximum allowed. If the question implies "How much of the 15% bucket is filled?", the answer is the current ratio divided by 15%.
    
    Current Ratio $\approx$ 11.9%.
    Cap = 15%.
    Utilization of Cap = 11.9% / 15% $\approx$ 79%.
    
    Looking at the options: 0%, 25%, 50%, 75%, 100%.
    79% is closest to 75%.
    
    Let's re-verify the numbers carefully.
    
    **Data Check:**
    *   Hybrid Capital (2023-01-01): 19,793,000,000 DKK.
    *   Equity Attributable to Owners: 71,743,000,000 DKK.
    *   Noncontrolling Interests: 3,996,000,000 DKK.
    *   Total Equity: 95,532,000,000 DKK.
    
    *   Debt Components (2023-01-01):
        *   Long-term Borrowings: 60,451,000,000
        *   Short-term Borrowings: 2,830,000,000
        *   Lease Liabilities: 7,697,000,000 (Noncurrent) + 569,000,000 (Current) = 8,266,000,000
        *   Total Interest-Bearing Debt = 60,451 + 2,830 + 8,266 = 71,547,000,000 DKK.
        
    *   S&P Methodology for Utilities/Energy:
        *   Adjusted Debt often includes hybrids (treated as debt for leverage, equity for capitalization caps).
        *   The cap is: Hybrid Equity Credit / (Total Debt + Total Equity) <= 15%.
        *   Wait, the prompt says: "limits the equity credit on hybrids to a maximum of 15% of total adjusted capital (defined as debt plus equity)".
        *   This implies: $Hybrid Capital \le 0.15 \times (Debt + Equity)$.
        *   Here, "Debt" usually means Senior Debt + Subordinated Debt (excluding hybrids if they are counted in the numerator as equity credit, but often hybrids are part of the capital base).
        *   Let's assume the denominator is Total Capitalization = Senior Debt + Hybrid Debt + Equity.
        *   Numerator: Hybrid Capital = 19,793.
        *   Denominator: Senior Debt (71,547) + Hybrid (19,793) + Equity (95,532 - 19,793)? No, Equity includes Hybrids in the balance sheet provided.
        *   Let's stick to the balance sheet classification:
            *   Total Equity = 95,532 (includes 19,793 Hybrid).
            *   Pure Equity (excluding Hybrid) = 95,532 - 19,793 = 75,739.
            *   Total Debt (Interest Bearing) = 71,547.
            *   Total Adjusted Capital = Debt + Total Equity = 71,547 + 95,532 = 167,079.
            *   Ratio = 19,793 / 167,079 = 11.84%.
            
    *   Is there other debt?
        *   Derivatives are liabilities but usually not counted as "Debt" for this capitalization ratio unless they are deeply in-the-money and treated as synthetic debt. Given the volatility in 2022, Ørsted had significant derivative losses.
        *   Current Derivative Liab: 33,438.
        *   Noncurrent Derivative Liab: 24,121.
        *   Total Deriv Liab: 57,559.
        *   If we add this to Debt: Debt = 71,547 + 57,559 = 129,106.
        *   Total Cap = 129,106 + 95,532 = 224,638.
        *   Ratio = 19,793 / 224,638 = 8.81%.
        
    *   However, standard rating agency "Debt" for utility capitalization ratios typically focuses on interest-bearing borrowings. Derivatives are often adjusted out or netted. Let's assume the standard Interest-Bearing Debt figure is the most appropriate proxy for "Debt" in the absence of a specific "Adjusted Debt" line item.
    
    *   Using the ~11.8% figure:
        *   The cap is 15%.
        *   The company is using 11.8% of its total capital as hybrids.
        *   The question asks "To what extent should this company utilize hybrid bonds **relative to** ... cap".
        *   This phrasing is slightly ambiguous. Does it mean "What is the current utilization as a % of the max allowed?" or "What % of the cap *should* they use?"
        *   If it means "What is the current status?", the answer is ~79% of the cap is utilized. This rounds to 75%.
        *   If it means "How much *more* should they issue?", they have room for ~3.2% more capitalization.
        *   If it means "What is the optimal level?", companies often aim to maximize cheap capital up to the cap. If they are at 75-80% of the cap, they are "highly utilized" relative to the cap.
        
    Let's look at the options again: 0, 25, 50, 75, 100.
    
    If the calculation resulted in 5%, the answer would be 25% (of the cap) or 0%?
    If the calculation resulted in 15%, the answer would be 100% (of the cap).
    
    Current Utilization of the 15% bucket:
    $11.84 / 15 = 0.789$ -> 79%.
    
    This is very close to 75%.
    
    Let's double check if "Debt" should include the derivative liabilities. In 2022, energy companies faced massive margin calls. These are cash-flow impacts. Rating agencies like S&P often add "underfunded pension liabilities" or specific adjustments, but derivative liabilities are typically part of working capital or separate adjustments. However, for a utility, the core debt is the borrowings.
    
    Let's try one more interpretation. Maybe the "Debt" figure should be Total Liabilities?
    Total Liabilities = 218,610.
    Total Equity = 95,532.
    Total Cap = 314,142.
    Hybrid = 19,793.
    Ratio = 19,793 / 314,142 = 6.3%.
    6.3 / 15 = 42%. This would round to 50% or 25%? 42 is closer to 50? Or 25? It's right in the middle.
    
    However, "Total Adjusted Capital" in rating terminology specifically refers to the capitalization base used for leverage ratios, which is **Debt + Equity**. "Debt" in this context is **Interest-Bearing Debt**. Using Total Liabilities (which includes trade payables, tax liabilities, provisions) is incorrect for this specific ratio definition. Trade payables are not capital; they are operating liabilities.
    
    Therefore, the Interest-Bearing Debt calculation (11.8%) is the technically correct one for S&P methodology.
    
    11.8% actual / 15% max = 78.6%.
    
    Rounding to the nearest option:
    78.6% is closest to 75%. (It is 3.6% away from 75% and 21.4% away from 100%).
    
    Therefore, the company is utilizing approximately 75% of its allowed hybrid capacity relative to the cap.

<answer>75%</answer>