To estimate the S&P-adjusted debt-to-EBITDA ratio for EDP, S.A. for 2022, we follow the prescribed workflow:

**Step 1: Identify Industry**
EDP, S.A. is an integrated energy company involved in the generation, transmission, distribution, and supply of electricity and gas. Based on the provided industry methodologies, it falls under **Regulated Utilities** and/or **Unregulated Power and Gas**.

**Step 2: Estimate Adjusted_Debt**
S&P guidelines define Adjusted Debt as total reported debt (including short and long-term borrowings), leases, pension deficits, and other debt-like items, minus eligible cash.
*   **Reported Debt:** 
    *   Longterm Borrowings: 15,299,588,000 EUR
    *   Current Borrowings: 1,518,348,000 EUR
    *   Total Borrowings: 16,817,936,000 EUR
*   **Leases:** EDP reports "Rightofuse Assets" but uses IFRS 16. S&P adjusts for leases. The prompt provides "Payments Of Lease Liabilities Classified As Financing Activities" (98,772,000 EUR). Assuming standard capitalization, but using readily available balance sheet debt items for standard calculation:
*   **Eligible Cash:** Cash and Cash Equivalents (2022-01-01) = 3,222,409,000 EUR.
*   *Note:* Debt-like items such as "Noncurrent Provisions For Employee Benefits" (940,266,000 EUR) are also included in S&P adjusted debt.
*   **Adjusted_Debt:** (16,817,936,000 + 940,266,000) - 3,222,409,000 = 14,535,793,000 EUR.

**Step 3: Estimate Adjusted_EBITDA**
Reported EBITDA is "Profit Loss Before Provisions, Amortisation And Impairment, Financial Income And Financial Expenses, Income Tax Expense And CESE" plus adjustments.
*   **EBITDA (2022):** 4,523,539,000 EUR.
*   **Adjustments:** S&P adds back non-recurring items or specific adjustments. The provided cash flow statement lists "Adjustments For Provisions" (14,539,000 EUR). We add these to the EBITDA base for a normalized cash-generative figure.
*   **Adjusted_EBITDA:** 4,523,539,000 + 14,539,000 = 4,538,078,000 EUR.

**Step 4: Calculate Ratio**
*   Ratio = Adjusted_Debt / Adjusted_EBITDA
*   Ratio = 14,535,793,000 / 4,538,078,000 ≈ 3.2030

Using the figures provided:
Debt = 16,817,936,000 + 940,266,000 = 17,758,202,000
Debt - Cash = 17,758,202,000 - 3,222,409,000 = 14,535,793,000
EBITDA = 4,523,539,000 + 14,539,000 = 4,538,078,000
Ratio = 14,535,793,000 / 4,538,078,000 = 3.203...

Rounding to two decimal places, we get 3.20.

<answer>3.20</answer>