HECO Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Three months ended March 31						Years ended December 31
(dollars in thousands)	2006			2005			2005			2004			2003			2002			2001
Fixed charges
Total interest charges	$	13,234		$	12,538		$	49,408		$	49,588		$	44,341		$	44,232		$	47,056
Interest component of rentals		549			267			1,311			909			820			663			728
Pretax preferred stock dividend requirements of subsidiaries		368			365			1,461			1,459			1,430			1,434			1,433
Preferred securities distributions of trust subsidiaries		—			—			—			—			7,675			7,675			7,675
Total fixed charges	$	14,151		$	13,170		$	52,180		$	51,956		$	54,266		$	54,004		$	56,892
Earnings
Income before preferred stock dividends of HECO	$	21,258		$	12,655		$	73,882		$	82,257		$	79,991		$	91,285		$	89,380
Fixed charges, as shown		14,151			13,170			52,180			51,956			54,266			54,004			56,892
Income taxes (see note below)		13,110			7,698			44,623			49,479			49,824			56,658			55,416
Allowance for borrowed funds used during construction		(702	)		(427	)		(2,020	)		(2,542	)		(1,914	)		(1,855	)		(2,258	)
Earnings available for fixed charges	$	47,817		$	33,096		$	168,665		$	181,150		$	182,167		$	200,092		$	199,430
Ratio of earnings to fixed charges		3.38			2.51			3.23			3.49			3.36			3.71			3.51
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	13,224		$	7,738		$	45,029		$	50,059		$	50,175		$	56,729		$	55,434
Income tax benefits relating to results from nonregulated activities		(114	)		(40	)		(406	)		(580	)		(351	)		(71	)		(18	)
	$	13,110		$	7,698		$	44,623		$	49,479		$	49,824		$	56,658		$	55,416

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.