HECO Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Six months ended June 30						Years ended December 31
	2005			2004			2004			2003			2002			2001			2000
(dollars in thousands)
Fixed charges
Total interest charges	$	24,453		$	25,433		$	49,588		$	44,341		$	44,232		$	47,056		$	49,062
Interest component of rentals		581			434			909			820			663			728			696
Pretax preferred stock dividend requirements of subsidiaries		734			740			1,459			1,430			1,434			1,433			1,438
Preferred securities distributions of trust subsidiaries		—			—			—			7,675			7,675			7,675			7,675
Total fixed charges	$	25,768		$	26,607		$	51,956		$	54,266		$	54,004		$	56,892		$	58,871
Earnings
Income before preferred stock dividends of HECO	$	32,569		$	42,298		$	82,257		$	79,991		$	91,285		$	89,380		$	88,366
Fixed charges, as shown		25,768			26,607			51,956			54,266			54,004			56,892			58,871
Income taxes (see note below)		19,944			26,365			49,479			49,824			56,658			55,416			55,375
Allowance for borrowed funds used during construction		(902	)		(1,377	)		(2,542	)		(1,914	)		(1,855	)		(2,258	)		(2,922	)
Earnings available for fixed charges	$	77,379		$	93,893		$	181,150		$	182,167		$	200,092		$	199,430		$	199,690
Ratio of earnings to fixed charges		3.00			3.53			3.49			3.36			3.71			3.51			3.39
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	20,031		$	26,666		$	50,059		$	50,175		$	56,729		$	55,434		$	55,213
Income tax expense (benefit) relating to results from nonregulated activities		(87	)		(301	)		(580	)		(351	)		(71	)		(18	)		162
	$	19,944		$	26,365		$	49,479		$	49,824		$	56,658		$	55,416		$	55,375

For purposes of calculating the ratio of earnings to fixed charges, “earnings” represent the sum of (i) pretax income before preferred stock dividends of HECO and before adjustment for undistributed income or loss from equity investees and (ii) fixed charges (as hereinafter defined, but excluding the allowance for borrowed funds used during construction). “Fixed charges” represent the sum of (i) interest, whether capitalized or expensed, (ii) amortization of debt expense and discount or premium related to any indebtedness, whether capitalized or expensed, (iii) the estimate of the interest within rental expense, (iv) the preferred stock dividend requirements of HELCO and MECO, increased to an amount representing the pretax earnings required to cover such dividend requirements and (v) in 2003 and prior years when the trust subsidiaries were consolidated, the preferred securities distribution requirements of the trust subsidiaries.