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
	2008			2007			2007			2006			2005			2004			2003
(dollars in thousands)
Fixed charges
Total interest charges	$	26,849		$	27,093		$	53,268		$	52,563		$	49,408		$	49,588		$	44,341
Interest component of rentals		1,096			1,120			2,250			1,863			1,311			909			820
Pretax preferred stock dividend requirements of subsidiaries		735			692			1,438			1,467			1,461			1,459			1,430
Preferred securities distributions of trust Subsidiaries		—			—			—			—			—			—			7,675
Total fixed charges	$	28,680		$	28,905		$	56,956		$	55,893		$	52,180		$	51,956		$	54,266
Earnings
Income before preferred stock dividends of HECO	$	52,557		$	11,643		$	53,236		$	76,027		$	73,882		$	82,257		$	79,991
Fixed charges, as shown		28,680			28,905			56,956			55,893			52,180			51,956			54,266
Income taxes (benefit) (see note below)		32,118			6,205			30,937			46,440			44,623			49,479			49,824
Allowance for borrowed funds used during construction		(1,597	)		(1,184	)		(2,552	)		(2,879	)		(2,020	)		(2,542	)		(1,914	)
Earnings available for fixed charges	$	111,758		$	45,569		$	138,577		$	175,481		$	168,665		$	181,150		$	182,167
Ratio of earnings to fixed charges		3.90			1.58			2.43			3.14			3.23			3.49			3.36
Note:
Income taxes (benefit) is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	32,472		$	10,998		$	34,126		$	47,381		$	45,029		$	50,059		$	50,175
Income tax benefits relating to results from nonregulated activities		(354	)		(4,793	)		(3,189	)		(941	)		(406	)		(580	)		(351	)
	$	32,118		$	6,205		$	30,937		$	46,440		$	44,623		$	49,479		$	49,824

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.