Pricing Supplement No. 17                            Filing under Rule 424(b)(3)
Dated October 1, 1997                             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:  $1,000,000              Floating Rate Notes:  N/A
Interest Rate (if fixed rate):  6.83%        Base Rate:  N/A
Stated Maturity Date: October 6, 2005          Commercial Paper Rate
Issue price (as a percentage of                Prime Rate
 principal amount):  100%                      LIBOR
Selling Agent's commission (%):  N/A           Treasury Rate
Purchasing Agent's discount                    CD Rate
 or commission (%):  0.60%                     Federal Funds Rate
Net proceeds to the Company (%):  99.4%        Other:
Settlement date and time (original         Index Maturity: N/A
 issue date):  October 6, 1997             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 retire commercial paper, and/or for
  other general corporate purposes.  As of October 1, 1997 HEI's commercial
  paper outstanding totaled approximately $31 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 $131,000,000.

  "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.