**Step 1: Identify the relevant industry**
REDEIA CORPORACION SA (Red Eléctrica Corporación) is the primary transmission system operator and electricity grid manager in Spain. Based on the provided methodology descriptions, it fits perfectly into the **Regulated Utilities** industry (specifically "Electricity National" under the subsectors). Therefore, we will apply the Regulated Utilities methodology. 

**Step 2: Estimate Adjusted_Debt**
The baseline formula for Adjusted Debt is:
`Adjusted_Debt = (reported_debt + leases + pension_deficit + guarantees + hybrid_debt_portion + other_debt_like_items) - eligible_cash`

- **Reported Debt:** We sum the reported financial borrowings from the balance sheet as of 2022-01-01.
  - Longterm Borrowings: 5,896,170,000 EUR
  - Current Borrowings And Current Portion Of Noncurrent Borrowings: 1,391,722,000 EUR
  - Total Reported Debt = 5,896,170,000 + 1,391,722,000 = 7,287,892,000 EUR

- **Leases, Pension Deficit, Guarantees, Hybrids, Other Debt-Like Items:** There are no explicit values provided for leases, pension deficits, guarantees, hybrids, or other debt-like items in the given facts. Thus, these adjustments are 0.

- **Eligible Cash:** We subtract highly liquid, unrestricted cash. 
  - Cash And Cash Equivalents (2022-01-01): 1,574,427,000 EUR

- **Calculation:**
  Adjusted_Debt = 7,287,892,000 - 1,574,427,000 = 5,713,465,000 EUR

**Step 3: Estimate Adjusted_EBITDA**
The baseline formula for Adjusted EBITDA is:
`Adjusted_EBITDA = EBITDA (reported or reconstructed) + adjustment_leases + nonrecurring_losses - nonrecurring_gains ± pension_adjustments ± joint_venture_proportional_EBITDA ± other_normalization_adjustments`

- **Reported EBITDA:** We reconstruct EBITDA from the income statement using Operating Profit (EBIT) and Depreciation & Amortization for the period 2022-01-01 to 2023-01-01.
  - Profit Loss From Operating Activities (EBIT): 961,554,000 EUR
  - Depreciation And Amortisation Expense: 544,992,000 EUR
  - Reported EBITDA = 961,554,000 + 544,992,000 = 1,506,546,000 EUR

- **Adjustment for Leases, Nonrecurring items, Pensions, JVs, Normalizations:** No specific adjustment values are explicitly listed in the data to be added/subtracted per S&P rules (e.g., no operating lease expense separated out, no explicit extraordinary items to normalize). Therefore, we rely on the reported/reconstructed EBITDA.

- **Calculation:**
  Adjusted_EBITDA = 1,506,546,000 EUR

**Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA**
- Adjusted_Debt = 5,713,465,000 EUR
- Adjusted_EBITDA = 1,506,546,000 EUR
- Ratio = 5,713,465,000 / 1,506,546,000 = 3.7927...

Rounding to two decimal places, we get 3.79.

<answer>3.79</answer>