HECO Exhibit 10.17(a)

AMENDMENT NO. 1

TO

CREDIT AGREEMENT

AMENDMENT NO. 1 (this “Amendment”), dated as of October 20, 2006, by and among
HAWAIIAN ELECTRIC COMPANY, INC. (the “Borrower”), the Lenders party hereto and
THE BANK OF NEW YORK, as Administrative Agent for the Lenders.

RECITALS

A. The Borrower, the Lenders, Bank of Hawaii and First Hawaiian Bank, as
Co-Syndication Agents, Wells Fargo Bank, N.A., U.S. Bank National Association
and Union Bank of California, N.A., as Co-Documentation Agents, and the
Administrative Agent are parties to the Credit Agreement, dated as of March 31,
2006 (the “Credit Agreement”). Unless otherwise defined herein, all capitalized
terms used herein shall have the meanings ascribed to them in the Credit
Agreement.

B. The Borrower has requested that the Administrative Agent and the Required
Lenders amend Article 8 to correct a typographical error in two Section
references.

C. The Administrative Agent has advised the Borrower that the Required Lenders
are willing to agree to its request on the terms and subject to the conditions
set forth in this Amendment.

Accordingly, in consideration of the foregoing, the parties hereto hereby agree
as follows:

1. Amendments to Credit Agreement.

(a) Events of Default. Article 8 of the Credit Agreement is hereby amended by
deleting each reference to “clause (i) or (j) of this Article” in the last
paragraph thereof and substituting “clause (h) or (i) of this Article” therefor.

(b) General. All references to “this Agreement” in the Credit Agreement and to
“the Credit Agreement” in the other Loan Documents shall be deemed to refer to
the Credit Agreement as amended hereby.

2. Conditions to Effectiveness.

(a) This Amendment shall be effective upon the receipt by the Administrative
Agent of an executed counterpart of this Amendment signed by the Borrower, the
Required Lenders and the Administrative Agent.

(b) The Administrative Agent shall notify the Borrower and the Credit Parties of
the effective date of this Amendment, and such notice shall be conclusive and
binding.

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3. Representations and Warranties. The Borrower hereby represents and warrants
to the Administrative Agent and the Lenders that:

(a) No Default now exists.

(b) (i) The execution, delivery and performance by the Borrower of this
Amendment is within its corporate powers and have been duly authorized by all
necessary corporate action, (ii) this Amendment is the legal, valid and binding
obligation of the Borrower, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law,
and (iii) neither this Amendment nor the execution, delivery and performance by
the Borrower hereof: (A) will violate any applicable law or regulation or the
charter, by-laws or other organizational documents of the Borrower or any order,
rule or regulation of any Governmental Authority or (B) will result in the
creation or imposition of any Lien on any asset of the Borrower or any of its
Subsidiaries.

4. Miscellaneous.

(a) This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York without regard to principles of conflict of laws.

(b) This Amendment shall be binding upon and inure to the benefit of the
Borrower, the Administrative Agent and the Lenders and their respective
successors and permitted assigns.

(c) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

[Signature pages follow.]

 

- 2 -

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AS EVIDENCE of the agreement by the parties hereto to the terms and conditions
herein contained, each such party has caused this Amendment to be executed on
its behalf.

 

HAWAIIAN ELECTRIC COMPANY, INC. By:   /s/ Tayne S. Y. Sekimura   Name:   Tayne
S. Y. Sekimura   Title:   Financial Vice President By:   /s/ Lorie Ann Nagata  
Name:   Lorie Ann Nagata   Title:   Treasurer

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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THE BANK OF NEW YORK,

as Administrative Agent and as a Lender

By:   /s/ Jesus Williams Name:   Jesus Williams Title:   Vice President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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BANK OF HAWAII, as Co-Syndication

Agent and as a Lender

By:   /s/ Luke Yeh Name:   Luke Yeh Title:   Senior Vice President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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FIRST HAWAIIAN BANK, as

Co-Syndication Agent and as a Lender

By:   /s/ Kenneth C. S. Pai Name:   Kenneth C. S. Pai Title:   Senior Vice
President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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UNION BANK OF CALIFORNIA, N.A., as Co-Documentation Agent and as a Lender By:  
/s/ Bryan Read Name:   Bryan Read Title:   Vice President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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WELLS FARGO BANK, N.A., as Co-

Documentation Agent and as a Lender

By:   /s/ Gavin Holles Name:   Gavin Holles Title:   Vice President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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U.S. BANK NATIONAL ASSOCIATION, as

Co-Documentation Agent and as a Lender

By:   Janice T. Thede Name:   Janice T. Thede Title:   Vice President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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LEHMAN BROTHERS BANK, FSB By:   /s/ Janine M. Shugan Name:   Janine M. Shugan
Title:   Authorized Signatory

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE

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WILLIAM STREET COMMITMENT CORPORATION By:   /s/ Mark Walton Name:   Mark Walton
Title:   Assistant Vice President

HAWAIIAN ELECTRIC COMPANY AMENDMENT NO. 1 SIGNATURE PAGE