Let’s break this down step-by-step.

**1. Company context — ENGIE**

ENGIE is a large, integrated energy utility with regulated and unregulated operations, including renewables, gas, and energy services.  
Its revenue jumped to ~€93.9bn in 2022 from €57.9bn in 2021, largely due to higher energy prices.  
Profit from continuing operations was negative (-€1.8bn), but net profit was €0.4bn because of discontinued operations (€2.2bn gain).

**2. Existing hybrids and equity structure**

- "Deeply Subordinated Perpetual Notes" in equity: €3.393bn at end-2022 (€3.767bn at end-2021).  
- Hybrids are already being used; they even redeemed some in 2022 (operations on deeply subordinated perpetual notes: -€374m).  
- Equity attributable to owners of parent: €34.25bn.

Existing hybrids / total adjusted capital is already around 8–9% assuming adjusted capital ≈ equity + hybrids + debt. So the starting point is not zero.

**3. Financial ratios and rating considerations**

- **Leverage**: Long-term borrowings were €28.1bn, current borrowings €12.5bn, total ~€40.6bn gross debt.  
- Finance costs rose sharply to €3.7bn from €2.06bn — higher rates are biting.  
- EBITDA (approximate): Current operating income including MTM & equity method = €5.37bn + D&A €5.19bn ≈ €10.56bn (then adjust for impairments, etc., but broadly >€10bn).  
- FFO/debt will be pressured by higher interest but still within investment-grade range.

**4. Rating profile and market conditions**

- ENGIE is rated in the BBB+/A- range (investment grade, but not strong "A range").  
- Market rates: 5Y swap avg 1.73% in 2022, 10Y 1.93%. Corporate bond yields around 2.3% for subsenior.  
- Cost of hybrid would be higher than senior debt but not dramatically above existing subordinated cost given spreads.

**5. Rationale for hybrid issuance amount**

- The company already has hybrids outstanding, so 0% is not appropriate.  
- There are moderate refinancing needs and some pressure on metrics, but no transformational M&A or material downgrade risk evident.  
- The sharp increase in interest costs could make additional hybrid less attractive from a cost perspective, but still useful to keep FFO/debt metrics robust.  
- The previous issuance cap of up to €3bn/year suggests room for additional hybrid, but not up to the 15% maximum.  
- Given already ~€3.4bn in hybrids, total adjusted capital of ~€70–75bn, current hybrid % is ~4.5–5%. Issuing up to another ~€2bn would bring it to around 7.5% total, which aligns with "moderate refinancing needs, meaningful improvement in adjusted leverage metrics" scenario.

**Conclusion**

A target of **7.5%** total adjusted capital in hybrids is appropriate — moderately improves credit metrics without materially increasing the cost of debt.

<answer>7.5%</answer>