Based on the financial facts and market data provided, here is an assessment of the extent to which ØRSTED A/S should be advised to utilize hybrid bonds:

1. **High Capex Intensity and Leverage Pressure:**
Ørsted A/S operates with a highly capital-intensive business model, primarily focused on developing offshore wind farms and other renewable energy infrastructure. This is evident from the massive annual capital expenditures ("Purchase Of Property Plant And Equipment And Purchase Of Intangible Assets") which stood at roughly 33 billion DKK in 2022 and 34.5 billion DKK in 2021. Meanwhile, net cash flow from operating activities was around 11.9 billion DKK in 2022, meaning free cash flow is deeply negative as the company funds its expansion. Consequently, the company is experiencing significant leverage pressure, with long-term borrowings nearly doubling from 31.5 billion DKK to 60.4 billion DKK in just one year.

2. **Investment Grade Preservation:**
Ørsted operates in an unregulated/renewable power generation industry where rating stability strongly depends on capital structure optimization. Retaining a strong investment-grade rating is critical for the company to secure cost-effective financing and attract long-term power purchase agreements (PPAs). Given their heavy debt issuances to fund negative free cash flows, equity credit through hybrid bonds serves as a crucial tool to stabilize adjusted leverage and protect its credit profile. 

3. **Current Hybrid Capital Position:**
As of the end of 2022, Ørsted's outstanding hybrid capital was roughly 19.79 billion DKK. Its estimated total adjusted capital (Total Equity + Adjusted Debt) is roughly 167 billion DKK (Equity: 95.5B DKK + Total Debt: ~71.5B DKK). This places their current hybrid bond reliance at approximately 11.8% of their total adjusted capital, which aligns perfectly with maintaining a strong structural layer of hybrid capital without exhausting the 15% S&P equity credit cap.

4. **Market Context & Cost of Debt:**
The interest rate environment and credit spreads saw a significant upward shift in 2022 (e.g., Euro corporate bond yields and the 5Y/10Y swap curves spiked considerably). The Sub-Sen Delta increased to nearly 230 bps in 2022 compared to roughly 130 bps in 2021. While the cost of issuing hybrid bonds has increased, the marginal impact on their weighted average cost of debt is justified to fund their intensive project pipeline without suffering a rating downgrade.

Conclusion:
Because of its high capex intensity, the strategic need to protect its investment-grade rating during a period of rising debt, and an existing hybrid base sitting right around this mark, the company is a textbook candidate for the 11.25% threshold.

<answer>11.25%</answer>