HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	2006			2005			2004			2003			2002
(dollars in thousands)
Fixed charges
Total interest charges	$	52,563		$	49,408		$	49,588		$	44,341		$	44,232
Interest component of rentals		1,863			1,311			909			820			663
Pretax preferred stock dividend requirements of subsidiaries		1,467			1,461			1,459			1,430			1,434
Preferred securities distributions of trust subsidiaries		—			—			—			7,675			7,675
Total fixed charges	$	55,893		$	52,180		$	51,956		$	54,266		$	54,004
Earnings
Income before preferred stock dividends of HECO	$	76,027		$	73,882		$	82,257		$	79,991		$	91,285
Fixed charges, as shown		55,893			52,180			51,956			54,266			54,004
Income taxes (see note below)		46,440			44,623			49,479			49,824			56,658
Allowance for borrowed funds used during construction		(2,879	)		(2,020	)		(2,542	)		(1,914	)		(1,855	)
Earnings available for fixed charges	$	175,481		$	168,665		$	181,150		$	182,167		$	200,092
Ratio of earnings to fixed charges		3.14			3.23			3.49			3.36			3.71
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	47,381		$	45,029		$	50,059		$	50,175		$	56,729
Income tax benefit relating to results from nonregulated activities		(941	)		(406	)		(580	)		(351	)		(71	)
	$	46,440		$	44,623		$	49,479		$	49,824		$	56,658