I'll work through this step-by-step following the S&P methodology.

## Step 1: Identify the Relevant Industry

ENGIE is a multinational energy and services company. Based on the annual report facts provided, ENGIE operates in:
- Electricity generation and distribution
- Gas distribution and supply
- Renewable energy
- Energy services
- Water services

ENGIE is primarily a **multi-utility with significant regulated utility operations**, though it also has unregulated power and gas operations. The company operates across multiple regulatory jurisdictions and business segments.

For ENGIE, I will apply the **Regulated Utilities** methodology as the primary framework, with consideration of unregulated power operations as secondary business risk.

## Step 2: Estimate Adjusted_Debt

From the balance sheet data (as of 2022-01-01, which is December 31, 2021):

**Reported Debt Components:**
- Long-term Borrowings (2022-01-01): 30,458,000,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings (2022-01-01): 10,590,000,000 EUR
- Total Reported Debt = 30,458 + 10,590 = **41,048,000,000 EUR**

**Other Debt-Like Items:**
Looking for:
- Leases: Not explicitly separated in the data provided
- Pension deficit: Noncurrent Provisions (2022-01-01): 23,394,000,000 EUR (includes pension obligations)
- Current Provisions (2022-01-01): 2,066,000,000 EUR
- Total Provisions: 25,460,000,000 EUR

**Hybrid Debt:**
- Deeply Subordinated Perpetual Notes (2022-01-01): 3,767,000,000 EUR (classified as equity but debt-like in nature for S&P purposes; typically 50% added to debt)
- S&P Hybrid Adjustment: 3,767 × 0.50 = 1,883,500,000 EUR

**Eligible Cash:**
- Cash and Cash Equivalents (2022-01-01): 13,890,000,000 EUR

**Adjusted Debt Calculation:**

For a regulated utility, S&P typically includes provisions (particularly pension-related) in debt calculations where they represent funded obligations:

Adjusted_Debt = Reported Debt + (Hybrid × 0.5) + Provisions - Cash
Adjusted_Debt = 41,048 + 1,883.5 + 25,460 - 13,890
**Adjusted_Debt = 54,501.5 million EUR = 54,501,500,000 EUR**

## Step 3: Estimate Adjusted_EBITDA

**Reconstruct EBITDA for 2022 (fiscal year ended Dec 31, 2022):**

From the P&L data for 2022-01-01 to 2023-01-01:
- Current Operating Income Including Operating Mtm: 4,309,000,000 EUR
- Add back: Depreciation Amortization And Provisions: 5,187,000,000 EUR
- **Operating EBITDA = 4,309 + 5,187 = 9,496,000,000 EUR**

**Adjustments for normalized EBITDA:**

1. **Share of Profit of Associates/JV (equity method):** 1,059,000,000 EUR
   - For a regulated utility, proportional EBITDA from associates should be added back
   - Add: 1,059,000,000 EUR

2. **Impairment losses (non-recurring):** 2,774,000,000 EUR (loss)
   - This is non-recurring; Add back: 2,774,000,000 EUR

3. **Restructuring expenses (non-recurring):** 230,000,000 EUR
   - Add back: 230,000,000 EUR

4. **Other non-recurring items:** -1,328,000,000 EUR (loss)
   - Add back: 1,328,000,000 EUR

5. **Gains/Losses on Derivatives (operating MTM):** Already captured in "Current Operating Income Including Operating Mtm"
   - The operating MTM should be normalized; given commodity hedging activity (-4,719 in commodity hedges), we should add back significant mark-to-market volatility
   - Add: 3,661,000,000 EUR (from cash flow statement adjustments for fair value derivatives)

6. **Tax expense adjustments:** 3,380,000,000 EUR (Tax Expense Other Than Income Tax) - this is non-income tax and should be normalized
   - This appears to be energy taxes/regulatory fees; include in normalized base: included in operating income

7. **Other Income:** 1,624,000,000 EUR
   - Non-operating; exclude (already excluded from operating income)

**Adjusted EBITDA Calculation:**

Adjusted_EBITDA = Operating EBITDA + Associates EBITDA + Nonrecurring Losses - Nonrecurring Gains + Derivative Adjustments

Adjusted_EBITDA = 9,496 + 1,059 + 2,774 + 230 + 1,328 + 3,661
**Adjusted_EBITDA = 18,548,000,000 EUR**

## Step 4: Calculate Adjusted_Debt / Adjusted_EBITDA Ratio

Adjusted_Debt / Adjusted_EBITDA = 54,501.5 / 18,548
= **2.94**

<answer>2.94</answer>