<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Hawaiian
Electric Industries, Inc. and subsidiaries' consolidated balance sheet as of
September 30, 1994 and consolidated statement of income for the nine months
ended September 30, 1994 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<CIK>   0000046207
<NAME>  HAWAIIAN ELECTRIC CO. INC.
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               SEP-30-1994
<CASH>                                          84,197
<SECURITIES>                                   786,894
<RECEIVABLES>                                  132,194
<ALLOWANCES>                                   (2,294)
<INVENTORY>                                     40,726
<CURRENT-ASSETS>                                     0
<PP&E>                                       2,364,080
<DEPRECIATION>                               (731,475)
<TOTAL-ASSETS>                               4,947,873
<CURRENT-LIABILITIES>                                0
<BONDS>                                        713,685
<COMMON>                                       538,544
<PREFERRED-MANDATORY>                           46,139
<PREFERRED>                                     48,293
<OTHER-SE>                                     131,721
<TOTAL-LIABILITY-AND-EQUITY>                 4,947,873
<SALES>                                              0
<TOTAL-REVENUES>                               868,754
<CGS>                                                0
<TOTAL-COSTS>                                  740,845
<OTHER-EXPENSES>                               (3,927)
<LOSS-PROVISION>                                 2,263
<INTEREST-EXPENSE>                              40,126
<INCOME-PRETAX>                                 91,710
<INCOME-TAX>                                    39,599
<INCOME-CONTINUING>                             52,111
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    52,111
<EPS-PRIMARY>                                     1.86
<EPS-DILUTED>                                     1.86