HECO Exhibit 12



Hawaiian Electric Company, Inc.

COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES



|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|Years ended December 31                                                   |  | 2005 |         |   | 2004 |   |         | 2003 |  |   | 2002    |   |  | 2001 |        
|(dollars in thousands)                                                    |  |      |         |   |      |   |         |      |  |   |         |   |  |      |        
|                                                                          |  |      |         |   |     
|Fixed charges                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total interest charges                                                    |  | $    | 49,408  |   |      | $ | 49,588  |      |  | $ | 44,341  |   |  | $    | 44,232  |   |  | $ | 47,056  |  
|Interest component of rentals                                             |  |      | 1,311   |   |      |   | 909     |      |  |   | 820     |   |  |      | 663     |   |  |   | 728     |  
|Pretax preferred stock dividend requirements of subsidiaries              |  |      | 1,461   |   |      |   | 1,459   |      |  |   | 1,430   |   |  |      | 1,434   |   |  |   | 1,433   |  
|Preferred securities distributions of trust subsidiaries                  |  |      |        |   |      |   |        |      |  |   | 7,675   |   |  |      | 7,675   |   |  |   | 7,675   |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total fixed charges                                                       |  | $    | 52,180  |   |      | $ | 51,956  |      |  | $ | 54,266  |   |  | $    | 54,004  |   |  | $ | 56,892  |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                                  |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income before preferred stock dividends of HECO                           |  | $    | 73,882  |   |      | $ | 82,257  |      |  | $ | 79,991  |   |  | $    | 91,285  |   |  | $ | 89,380  |  
|Fixed charges, as shown                                                   |  |      | 52,180  |   |      |   | 51,956  |      |  |   | 54,266  |   |  |      | 54,004  |   |  |   | 56,892  |  
|Income taxes (see note below)                                             |  |      | 44,623  |   |      |   | 49,479  |      |  |   | 49,824  |   |  |      | 56,658  |   |  |   | 55,416  |  
|Allowance for borrowed funds used during construction                     |  |      | (2,020  | ) |      |   | (2,542  | )    |  |   | (1,914  | ) |  |      | (1,855  | ) |  |   | (2,258  | )
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings available for fixed charges                                      |  | $    | 168,665 |   |      | $ | 181,150 |      |  | $ | 182,167 |   |  | $    | 200,092 |   |  | $ | 199,430 |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges                                        |  |      | 3.23    |   |      |   | 3.49    |      |  |   | 3.36    |   |  |      | 3.71    |   |  |   | 3.51    |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Note:                                                                     |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income taxes is comprised of the following:                               |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income tax expense relating to operating income from regulated activities |  | $    | 45,029  |   |      | $ | 50,059  |      |  | $ | 50,175  |   |  | $    | 56,729  |   |  | $ | 55,434  |  
|Income tax benefit relating to results from nonregulated activities       |  |      | (406    | ) |      |   | (580    | )    |  |   | (351    | ) |  |      | (71     | ) |  |   | (18     | )
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                          |  | $    | 44,623  |   |      | $ | 49,479  |      |  | $ | 49,824  |   |  | $    | 56,658  |   |  | $ | 55,416  |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |