To determine the appropriate extent of hybrid bond utilization for Ørsted A/S, we evaluate the company's financial profile based on the provided 2022 data.

1.  **Financial Profile and Leverage:** Ørsted's "Longterm Borrowings" increased significantly from 31.5 billion DKK in 2022 to 60.45 billion DKK in 2023. This doubling of debt, combined with significant capital expenditure ("Purchase of Property Plant And Equipment" of 33 billion DKK), suggests a period of intense investment, typical for an entity involved in large-scale renewable energy infrastructure.
2.  **Hybrid Capital Status:** As of January 1, 2023, the "Hybrid Capital" stands at 19.793 billion DKK. Total Equity (including hybrid and noncontrolling interests) is 95.532 billion DKK. The company has demonstrated a consistent strategy of using hybrid instruments to support its capital structure.
3.  **Capital Intensity:** The "Construction In Progress" and "Production Assets" remain massive (totaling over 168 billion DKK combined), indicating a sustained requirement for capital to fund the transition and expansion of assets. This "transformational capex" aligns with the requirements for higher hybrid utilization.
4.  **Cost of Debt and Market Environment:** Swap rates increased sharply in 2022 (5Y from -0.264% in 2021 to 1.726% in 2022). Rising interest rates typically increase the cost of traditional debt, making the partial equity credit of hybrid bonds an attractive tool for managing leverage ratios and protecting credit ratings during heavy investment cycles.
5.  **Recommendation:** Given the substantial increase in long-term debt, the high intensity of capital investment (transformational capex), and the need to maintain a strong credit profile to support its ambitious infrastructure development, a meaningful but balanced allocation to hybrid capital is appropriate. An allocation of 11.25% of total adjusted capital provides the necessary leverage optimization and rating support for a firm with high capital requirements, while remaining cautious regarding the cost of debt in a rising interest rate environment.

<answer>11.25%</answer>