HECO Exhibit 99.1

Hawaiian Electric Company, Inc.

RECONCILIATION OF ELECTRIC
UTILITY OPERATING

INCOME PER HEI AND HECO CONSOLIDATED

STATEMENTS OF INCOME



|                                                                                                                            |  |      |         |   |      |   |         |      |  |   |         |  
|--------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|Years ended December 31                                                                                                     |  | 2009 |         |   | 2008 |   |         | 2007 | 
|(in thousands)                                                                                                              |  |      |         |   |      |   |         |      |  |   |         |  
|                                                                                                                            |  |      |        
|Operating income from regulated and nonregulated activities before income taxes (per HEI Consolidated Statements of
Income) |  | $    | 169,671 |   |      | $ | 191,359 |      |  | $ | 130,585 |  
|                                                                                                                            |  |      |        
|Deduct:                                                                                                                     |  |      |         |   |      |   |         |      |  |   |         |  
|Income taxes on regulated activities                                                                                        |  |      | (48,212 | ) |      |   | (56,307 | )    |  |   | (34,126 | )
|Revenues from nonregulated activities                                                                                       |  |      | (8,337  | ) |      |   | (6,711  | )    |  |   | (9,356  | )
|                                                                                                                            |  |      |        
|Add:                                                                                                                        |  |      |         |   |      |   |         |      |  |   |         |  
|Expenses from nonregulated activities                                                                                       |  |      | 1,286   |   |      |   | 1,596   |      |  |   | 13,172  |  
|                                                                                                                            |  |      |         |   |      |   |         |      |  |   |         |  
|                                                                                                                            |  |      |        
|Operating income from regulated activities after income taxes (per HECO Consolidated Statements of Income)                  |  | $    | 114,408 |   |      | $ | 129,937 |      |  | $ | 100,275 |  
|                                                                                                                            |  |      |         |   |      |   |         |      |  |   |         |