To estimate the S&P-adjusted FFO-to-debt ratio for REDEIA CORPORACION SA for the fiscal year ended December 31, 2022, we apply the standard S&P global corporate methodology formulas with standard adjustments. 

**1. Adjusted EBITDA:**
First, we reconstruct the reported EBITDA from the operating profit and operating expenses:
* **Profit/Loss from Operating Activities:** €961,554,000
* Add back **Depreciation and Amortisation Expense:** €544,992,000
* Add back **Impairment and Results on Disposal of Fixed Assets (Deterioro):** €488,000
* Deduct **Equity Method Earnings:** -€50,405,000 (S&P typically excludes equity income to instead recognize the actual cash dividends received from these investments)
* Add **Dividends Received from Associates (Operating):** €7,578,000
* Deduct **Amortization of Capital Grants (Imputacion De Subvenciones):** -€15,780,000 (Non-cash operating income standardly removed)

*Adjusted EBITDA = 961,554,000 + 544,992,000 + 488,000 - 50,405,000 + 7,578,000 - 15,780,000 = €1,448,427,000*

**2. Funds From Operations (FFO):**
According to the formula, FFO is the Adjusted EBITDA minus cash interest and cash taxes. Since we net available cash against debt in step 3, we subtract the net cash interest paid. 
* **Cash Interest Paid:** €123,524,000
* **Cash Interest Received:** €15,680,000
* **Net Cash Interest:** €123,524,000 - €15,680,000 = €107,844,000
* **Cash Taxes Paid:** €363,996,000

*FFO = 1,448,427,000 - 107,844,000 - 363,996,000 = €976,587,000*

**3. Adjusted Debt:**
We sum all reported short-term and long-term borrowings and deduct eligible cash and cash equivalents.
* **Long-term Borrowings:** €5,491,124,000
* **Current Borrowings:** €721,845,000
* **Gross Debt:** €6,212,969,000
* **Less Eligible Cash (Cash and Cash Equivalents):** -€794,824,000 

*(Note: We conservatively omit "Other Current Financial Assets" such as short-term amortised costs absent specific disclosure they are highly liquid unrestricted cash equivalents).*

*Adjusted Debt = 6,212,969,000 - 794,824,000 = €5,418,145,000*

**4. FFO to Adjusted Debt Ratio:**
*FFO / Adjusted Debt = 976,587,000 / 5,418,145,000 = 0.1802438...*

<answer>0.1802</answer>