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                                                                HEI Exhibit 99.1
                                                                ----------------



                                AMENDMENT 1998-1
                                     TO THE
              HAWAIIAN ELECTRIC INDUSTRIES RETIREMENT SAVINGS PLAN
              ----------------------------------------------------

     In accordance with Section 10.1 of the Hawaiian Electric Industries
Retirement Savings Plan (the "Plan"), the Hawaiian Electric Industries, Inc.
Pension Investment Committee hereby amends the Plan as follows:

     1.  Section 1.7 is deleted in its entirety and is replaced by a new Section
1.7 to read as follows:

          "1.7  Compensation means all straight-time pay and commissions paid or
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          accrued during the Plan Year for services rendered to a Participating
          Employer.  Compensation shall include elective contributions made by a
          Participating Employer to this Plan or to a cafeteria plan that are
          excluded from the taxable income of the Employee under Sections
          402(e)(3) or 125 of the Code.  Compensation shall not include overtime
          or premium pay, discretionary bonuses, reimbursements or other expense
          allowances, fringe benefits, deferred compensation, welfare benefits,
          or contributions (except for elective contributions) by a
          Participating Employer to this Plan or any other employee benefit
          plan.  Compensation earned prior to an Eligible Employee becoming a
          Participant shall not be counted in determining contributions to the
          Plan.  Compensation shall be limited to $160,000 annually, as adjusted
          for increases in the cost of living in accordance with Sections
          401(a)(17)(B) and 415(d) of the Code.

          Effective January 1, 1999, 'Compensation' means the Employee's Box 1,
          W-2 earnings for the year, modified (i) to exclude discretionary
          bonuses, fringe benefits, reimbursements, moving expenses and other
          expense allowances, and special executive compensation; and (ii) to
          include elective contributions made by a Participating Employer to
          this Plan or to a cafeteria plan that are excluded from the taxable
          income of the Employee under Sections 402(e)(3) or 125 of the Code.
          Special executive compensation is noncash compensation and
          nonqualified deferred compensation available only to a select group of
          management Employees. Compensation earned prior to an Eligible
          Employee becoming a Participant shall not be counted in determining
          contributions to the Plan. Compensation shall be limited to $160,000
          annually, as adjusted for increases in the cost of living in
          accordance with Sections 401(a)(17)(B) and 415(d) of the Code.
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          'ADP Compensation' means the Employee's Box 1, W-2 earnings for the
          year, without modification. ADP Compensation shall be limited to
          $160,000 annually, as adjusted for increases in the cost of living in
          accordance with Sections 401(a)(17)(B) and 415(d) of the Code.

          '415 Compensation' means the Employee's Box 1, W-2 earnings for the
          year, modified to include elective contributions made by a
          Participating Employer to this Plan or to a cafeteria plan that are
          excluded from the taxable income of the Employee under Sections
          402(e)(3) or 125 of the Code."

     2.  Section 4.1(b)(6) is deleted in its entirety and is replaced by a new
Section 4.1(b)(6) to read as follows:

          "(6) For purposes of this Section 4.1, 'compensation' shall mean ADP
          Compensation."

     3.   Section 4.5(d)(2) is deleted in its entirety and is replaced by a new
Section 4.5(d)(2) to read as follows:

          "(2)  The term 'compensation' shall mean 415 Compensation."

     Except as otherwise provided, the foregoing amendments shall be effective
January 1, 1998.

     TO RECORD the adoption of these amendments to the Plan, the Hawaiian
Electric Industries, Inc. Pension Investment Committee has caused this document
to be executed this 14th day of December, 1998.
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                                              HAWAIIAN ELECTRIC INDUSTRIES, INC.
                                              PENSION INVESTMENT COMMITTEE

 
                                              By   /s/ Constance H. Lau
                                               -------------------------------
                                                      Its member and Secretary
 
                                              By   /s/ Peter C. Lewis
                                               -------------------------------
                                                      Its member

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