HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	2007			2006			2005			2004			2003
(dollars in thousands)
Fixed charges
Total interest charges	$	53,268		$	52,563		$	49,408		$	49,588		$	44,341
Interest component of rentals		2,250			1,863			1,311			909			820
Pretax preferred stock dividend requirements of subsidiaries		1,438			1,467			1,461			1,459			1,430
Preferred securities distributions of trust subsidiaries		—			—			—			—			7,675
Total fixed charges	$	56,956		$	55,893		$	52,180		$	51,956		$	54,266
Earnings
Income before preferred stock dividends of HECO	$	53,236		$	76,027		$	73,882		$	82,257		$	79,991
Fixed charges, as shown		56,956			55,893			52,180			51,956			54,266
Income taxes (see note below)		30,937			46,440			44,623			49,479			49,824
Allowance for borrowed funds used during construction		(2,552	)		(2,879	)		(2,020	)		(2,542	)		(1,914	)
Earnings available for fixed charges	$	138,577		$	175,481		$	168,665		$	181,150		$	182,167
Ratio of earnings to fixed charges		2.43			3.14			3.23			3.49			3.36
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	34,126		$	47,381		$	45,029		$	50,059		$	50,175
Income tax benefit relating to results from nonregulated activities		(3,189	)		(941	)		(406	)		(580	)		(351	)
	$	30,937		$	46,440		$	44,623		$	49,479		$	49,824