Step 1: Identify the relevant industry
ENEL - SPA is a major multinational energy company, primarily engaged in the generation, distribution, and sale of electricity and gas. Based on the provided sector descriptions, ENEL fits into the "Regulated Utilities" industry (electricity, gas, multi-utilities) and may also have aspects of "Unregulated Power And Gas". We will apply the Regulated Utilities methodology, which uses standard corporate baseline adjustments while allowing for medial/low volatility considerations and specific ratio applications (FFO to Debt being a core ratio).

Step 2: Estimate Adjusted EBITDA
Formula: Adjusted_EBITDA = EBITDA + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments
- Reported EBITDA: We calculate this from the reported Profit Loss From Operating Activities and Depreciation/Amortization.
  Profit Loss From Operating Activities (2022) = 11,193,000,000 EUR
  Depreciation Amortisation And Impairment Loss (2022) = 7,447,000,000 EUR
  Reported EBITDA = 11,193,000,000 + 7,447,000,000 = 18,640,000,000 EUR
- Adjustment for leases: S&P adds an estimated lease interest and depreciation back to EBITDA. However, from the provided data, we do not have the specific right-of-use asset depreciation or lease interest figures to make a precise quantitative adjustment, so we use the reported EBITDA as the base. 
- Other adjustments: No specific non-recurring gains/losses, pension deficits, or joint venture proportional EBITDA are isolated for adjustment from the text.
Adjusted EBITDA ≈ 18,640,000,000 EUR

Step 3: Estimate FFO
Formula: FFO = Adjusted_EBITDA - cash_interest - cash_taxes
- Cash Interest: The cash flow statement reports "Finance Costs Paid Classified As Operating Activities" = 5,016,000,000 EUR. We use this as the best proxy for cash interest paid.
- Cash Taxes: The cash flow statement reports "Income Taxes Paid Refund Classified As Operating Activities" = 1,934,000,000 EUR.
FFO = 18,640,000,000 - 5,016,000,000 - 1,934,000,000 = 11,690,000,000 EUR

Step 4: Estimate Adjusted Debt
Formula: Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash
- Reported Debt: Sum of Long-term Borrowings, Short-term Borrowings, and Current Portion of Long-term Borrowings.
  Longterm Borrowings = 54,500,000,000 EUR
  Shortterm Borrowings = 13,306,000,000 EUR
  Current Portion Of Longterm Borrowings = 4,031,000,000 EUR
  Total Reported Debt = 54,500,000,000 + 13,306,000,000 + 4,031,000,000 = 71,837,000,000 EUR
- Leases: We do not have the lease liability balance explicitly separated in the balance sheet lines provided, so we make no quantitative addition.
- Hybrid debt portion: The equity section shows "Equity Instruments Perpetual Hybrid Bonds Member" of 5,567,000,000 EUR. Under S&P methodology, perpetual hybrid bonds are typically treated as 50% equity and 50% debt if they meet certain criteria (subordination, permanence, etc.). Assuming standard treatment, we add 50% of this amount to debt.
  Hybrid Debt Portion = 5,567,000,000 * 0.50 = 2,783,500,000 EUR
- Other debt-like items: None explicitly isolated for adjustment.
- Eligible Cash: Cash And Cash Equivalents = 8,858,000,000 EUR. (Note: Under S&P's Regulated Utilities methodology, cash is typically only deducted if it is deemed sustainably excess, but applying the baseline formula broadly deducts reported cash).
Adjusted Debt = 71,837,000,000 + 2,783,500,000 - 8,858,000,000 = 65,762,500,000 EUR

Step 5: Calculate FFO / Adjusted Debt
Ratio = FFO / Adjusted_Debt
Ratio = 11,690,000,000 / 65,762,500,000 = 0.177756

Rounding to four decimal places:
0.1778

<answer>0.1778</answer>