HECO Exhibit 12.2 (page 1 of 2)

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

Nine months ended September 30	2003			2002
(dollars in thousands)
Fixed charges
Total interest charges	$	34,055		$	33,248
Interest component of rentals		625			491
Pretax preferred stock dividend requirements of subsidiaries		1,094			1,080
Preferred securities distributions of trust subsidiaries		5,756			5,756
Total fixed charges	$	41,530		$	40,575
Earnings
Income before preferred stock dividends of HECO	$	57,382		$	70,629
Income taxes (see note below)		36,777			44,196
Fixed charges, as shown		41,530			40,575
AFUDC for borrowed funds		(1,385	)		(1,392	)
Earnings available for fixed charges	$	134,304		$	154,008
Ratio of earnings to fixed charges		3.23			3.80
Note:
Income taxes is comprised of the following
Income tax expense relating to operating income from regulated activities	$	36,865		$	44,110
Income tax expense (benefit) relating to results from nonregulated activities		(88	)		86
	$	36,777		$	44,196

HECO Exhibit 12.2 (page 2 of 2)

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

(continued)

Years ended December 31	2002			2001			2000			1999			1998
(dollars in thousands)
Fixed charges
Total interest charges	$	44,232		$	47,056		$	49,062		$	48,461		$	47,921
Interest component of rentals		663			728			696			784			730
Pretax preferred stock dividend requirements of subsidiaries		1,434			1,433			1,438			1,479			4,081
Preferred securities distributions of trust subsidiaries		7,675			7,675			7,675			7,665			4,197
Total fixed charges	$	54,004		$	56,892		$	58,871		$	58,389		$	56,929
Earnings
Income before preferred stock dividends of HECO	$	91,285		$	89,380		$	88,366		$	76,400		$	84,230
Fixed charges, as shown		54,004			56,892			58,871			58,389			56,929
Income taxes (see note below)		56,658			55,416			55,375			48,047			54,572
Allowance for borrowed funds used during construction		(1,855	)		(2,258	)		(2,922	)		(2,576	)		(5,915	)
Earnings available for fixed charges	$	200,092		$	199,430		$	199,690		$	180,260		$	189,816
Ratio of earnings to fixed charges		3.71			3.51			3.39			3.09			3.33
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	56,729		$	55,434		$	55,213		$	48,281		$	54,719
Income tax expense (benefit) relating to results from nonregulated activities		(71	)		(18	)		162			(234	)		(147	)
	$	56,658		$	55,416		$	55,375		$	48,047		$	54,572