HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES



|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|Years ended December 31                                                   |  | 2009 |         |   | 2008 |   |         | 2007 |  |   | 2006    |   |  | 2005 |        
|(dollars in thousands)                                                    |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                          |  |      |         |   |     
|Fixed charges                                                             |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total interest charges                                                    |  | $    | 57,944  |   |      | $ | 54,757  |      |  | $ | 53,268  |   |  | $    | 52,563  |   |  | $ | 49,408  |  
|Interest component of rentals                                             |  |      | 2,499   |   |      |   | 2,211   |      |  |   | 2,250   |   |  |      | 1,863   |   |  |   | 1,311   |  
|Pretax preferred stock dividend requirements of subsidiaries              |  |      | 1,452   |   |      |   | 1,458   |      |  |   | 1,438   |   |  |      | 1,467   |   |  |   | 1,461   |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total fixed charges                                                       |  | $    | 61,895  |   |      | $ | 58,426  |      |  | $ | 56,956  |   |  | $    | 55,893  |   |  | $ | 52,180  |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings                                                                  |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Net income attributable to HECO                                           |  | $    | 80,526  |   |      | $ | 93,055  |      |  | $ | 53,236  |   |  | $    | 76,027  |   |  | $ | 73,882  |  
|Fixed charges, as shown                                                   |  |      | 61,895  |   |      |   | 58,426  |      |  |   | 56,956  |   |  |      | 55,893  |   |  |   | 52,180  |  
|Income taxes (see note below)                                             |  |      | 47,776  |   |      |   | 55,763  |      |  |   | 30,937  |   |  |      | 46,440  |   |  |   | 44,623  |  
|Allowance for borrowed funds used during construction                     |  |      | (5,268  | ) |      |   | (3,741  | )    |  |   | (2,552  | ) |  |      | (2,879  | ) |  |   | (2,020  | )
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Earnings available for fixed charges                                      |  | $    | 184,929 |   |      | $ | 203,503 |      |  | $ | 138,577 |   |  | $    | 175,481 |   |  | $ | 168,665 |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges                                        |  |      | 2.99    |   |      |   | 3.48    |      |  |   | 2.43    |   |  |      | 3.14    |   |  |   | 3.23    |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Note:                                                                     |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income taxes is comprised of the following:                               |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income tax expense relating to operating income from regulated activities |  | $    | 48,212  |   |      | $ | 56,307  |      |  | $ | 34,126  |   |  | $    | 47,381  |   |  | $ | 45,029  |  
|Income tax benefit relating to results from nonregulated activities       |  |      | (436    | ) |      |   | (544    | )    |  |   | (3,189  | ) |  |      | (941    | ) |  |   | (406    | )
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|                                                                          |  | $    | 47,776  |   |      | $ | 55,763  |      |  | $ | 30,937  |   |  | $    | 46,440  |   |  | $ | 44,623  |  
|                                                                          |  |      |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |