HECO Exhibit 12.2
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Hawaiian Electric Company, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)






                                                                                            Six months ended
                                                                                                June 30,
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(dollars in thousands)                                                                  2000                    1999
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Fixed charges
Total interest charges....................................................          $ 24,351                 $24,513
Interest component of rentals.............................................               371                     380
Pretax preferred stock dividend requirements of subsidiaries..............               721                     756
Preferred securities distributions of trust subsidiaries..................             3,838                   3,827
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Total fixed charges.......................................................          $ 29,281                 $29,476
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Earnings
Income before preferred stock dividends of HECO...........................          $ 48,279                 $36,944
Income taxes (see note below).............................................            30,330                  22,731
Fixed charges, as shown...................................................            29,281                  29,476
AFUDC for borrowed funds..................................................            (1,413)                 (1,239)
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Earnings available for fixed charges......................................          $106,477                 $87,912
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Ratio of earnings to fixed charges........................................              3.64                    2.98
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Note:
Income taxes is comprised of the following

                                                                                               
 Income tax expense relating to income from regulated activities..........           $30,394                 $22,789
 Income tax benefit relating to loss from nonregulated activities.........               (64)                    (58)
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                                                                                     $30,330                 $22,731
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