HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	2008			2007			2006			2005			2004
(dollars in thousands)
Fixed charges
Total interest charges	$	54,757		$	53,268		$	52,563		$	49,408		$	49,588
Interest component of rentals		2,211			2,250			1,863			1,311			909
Pretax preferred stock dividend requirements of subsidiaries		1,458			1,438			1,467			1,461			1,459
Total fixed charges	$	58,426		$	56,956		$	55,893		$	52,180		$	51,956
Earnings
Income before preferred stock dividends of HECO	$	93,055		$	53,236		$	76,027		$	73,882		$	82,257
Fixed charges, as shown		58,426			56,956			55,893			52,180			51,956
Income taxes (see note below)		55,763			30,937			46,440			44,623			49,479
Allowance for borrowed funds used during construction		(3,741	)		(2,552	)		(2,879	)		(2,020	)		(2,542	)
Earnings available for fixed charges	$	203,503		$	138,577		$	175,481		$	168,665		$	181,150
Ratio of earnings to fixed charges		3.48			2.43			3.14			3.23			3.49
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	56,307		$	34,126		$	47,381		$	45,029		$	50,059
Income tax benefit relating to results from nonregulated activities		(544	)		(3,189	)		(941	)		(406	)		(580	)
	$	55,763		$	30,937		$	46,440		$	44,623		$	49,479