HECO Exhibit 12

Hawaiian Electric Company, Inc.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Years ended December 31	2009			2008			2007			2006			2005
(dollars in thousands)
Fixed charges
Total interest charges	$	57,944		$	54,757		$	53,268		$	52,563		$	49,408
Interest component of rentals		2,499			2,211			2,250			1,863			1,311
Pretax preferred stock dividend requirements of subsidiaries		1,452			1,458			1,438			1,467			1,461
Total fixed charges	$	61,895		$	58,426		$	56,956		$	55,893		$	52,180
Earnings
Net income attributable to HECO	$	80,526		$	93,055		$	53,236		$	76,027		$	73,882
Fixed charges, as shown		61,895			58,426			56,956			55,893			52,180
Income taxes (see note below)		47,776			55,763			30,937			46,440			44,623
Allowance for borrowed funds used during construction		(5,268	)		(3,741	)		(2,552	)		(2,879	)		(2,020	)
Earnings available for fixed charges	$	184,929		$	203,503		$	138,577		$	175,481		$	168,665
Ratio of earnings to fixed charges		2.99			3.48			2.43			3.14			3.23
Note:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	48,212		$	56,307		$	34,126		$	47,381		$	45,029
Income tax benefit relating to results from nonregulated activities		(436	)		(544	)		(3,189	)		(941	)		(406	)
	$	47,776		$	55,763		$	30,937		$	46,440		$	44,623