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                                                                 HEI Exhibit 4.9

Pricing Supplement No. 12                        Filing under Rule 424(b)(3)
Dated February 9, 1996                           Registration File No. 33-58820
(To Prospectus dated June 11, 1993)

                                 $250,000,000
                      HAWAIIAN ELECTRIC INDUSTRIES, INC.
                          MEDIUM-TERM NOTES, SERIES B

Principal amount:  $10,000,000                Floating Rate Notes:  N/A
Interest Rate (if fixed rate):  6.545%         Base Rate:  N/A
Stated Maturity Date: February 14, 2006          Commercial Paper Rate
Issue price (as a percentage of                  Prime Rate
 principal amount):  100%                        LIBOR
Selling Agent's commission (%):  0.625%          Treasury Rate
Purchasing Agent's discount                      CD Rate
 or commission (%):  N/A                         Federal Funds Rate
Net proceeds to the Company (%):  99.375%        Other:
Settlement date and time (original             Index Maturity: N/A
 issue date):  February 14, 1996               Spread: N/A
Initial Redemption Date (if any):  N/A         Spread Multiplier:  N/A
Initial Redemption Percentage:  N/A            Maximum Interest Rate:  N/A
Annual Redemption                              Minimum Interest Rate:  N/A
 Percentage Reduction:  N/A                    Initial Interest Rate:  N/A
Optional Repayment Dates:  N/A                 Interest Reset Period:  N/A
Currency of Denomination:  U.S.                Interest Determination Date(s):
                                                 N/A
Currency of Payment:  U.S.                     Calculation Date(s):  N/A
Minimum Authorized                             Interest Payment Period:  N/A
 Denominations:  $1,000                        Regular Record Date(s):  N/A
Additional Terms:  N/A                         Calculation Agent:  N/A

  Redemption prices (if any):  The Redemption Price shall initially be   N/A  %
of the principal amount of such Notes to be redeemed and shall decline (but not
below par) on each anniversary of the Initial Redemption Date by   N/A   % of
the principal amount to be redeemed until the Redemption Price is 100% of such
principal amount.

  Use of Proceeds and Additional Terms:

  All or substantially all of the net proceeds to Hawaiian Electric Industries,
  Inc. ("HEI") from the sale of its Medium-Term Notes, Series B, covered by this
  Pricing Supplement will be used by HEI to repay maturing notes, to retire
  commercial paper, to make temporary investments pending such repayments and
  retirements and for other general corporate purposes.  The aggregate principal
  amount of the notes that will be repaid is $10 million, bears interest at
  8.92% and matures on February 15, 1996.  As of February 9, 1996, HEI's
  commercial paper outstanding totaled approximately $50 million.  Such
  commercial paper bore interest at prevailing market rates and had original
  maturities varying between 1 and 45 days.

  As of the date of this Pricing Supplement, the aggregate initial public
offering price of the Series B Notes which have been sold (including the Series
B Notes to which this Pricing Supplement relates) is $112,000,000.

  "N/A" as used herein means "Not applicable".  "A/S" as used herein means "As
stated in the Prospectus referred to above".

MERRILL LYNCH & CO.                                        GOLDMAN, SACHS & CO.