HECO Exhibit 12.2

Hawaiian Electric Company, Inc. and Subsidiaries

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Nine months ended September 30						Years ended December 31
(dollars in thousands)	2007			2006			2006			2005			2004			2003			2002
Fixed charges
Total interest charges	$	40,267		$	39,406		$	52,563		$	49,408		$	49,588		$	44,341		$	44,232
Interest component of rentals		1,626			1,420			1,863			1,311			909			820			663
Pretax preferred stock dividend requirements of subsidiaries		1,037			1,102			1,467			1,461			1,459			1,430			1,434
Preferred securities distributions of trust subsidiaries		—			—			—			—			—			7,675			7,675
Total fixed charges	$	42,930		$	41,928		$	55,893		$	52,180		$	51,956		$	54,266		$	54,004
Earnings
Income before preferred stock dividends of HECO	$	24,788		$	62,750		$	76,027		$	73,882		$	82,257		$	79,991		$	91,285
Fixed charges, as shown		42,930			41,928			55,893			52,180			51,956			54,266			54,004
Income taxes (benefit) (see note below)		13,016			38,468			46,440			44,623			49,479			49,824			56,658
Allowance for borrowed funds used during construction		(1,840	)		(2,259	)		(2,879	)		(2,020	)		(2,542	)		(1,914	)		(1,855	)
Earnings available for fixed charges	$	78,894		$	140,887		$	175,481		$	168,665		$	181,150		$	182,167		$	200,092
Ratio of earnings to fixed charges		1.84			3.36			3.14			3.23			3.49			3.36			3.71
Note:
Income taxes (benefit) is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	15,974		$	38,909		$	47,381		$	45,029		$	50,059		$	50,175		$	56,729
Income tax benefits relating to results from nonregulated activities		(2,958	)		(441	)		(941	)		(406	)		(580	)		(351	)		(71	)
	$	13,016		$	38,468		$	46,440		$	44,623		$	49,479		$	49,824		$	56,658

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.