<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Hawaiian
Electric Industries, Inc. and subsidiaries' consolidated balance sheet as of
December 31, 1994 and consolidated statement of income for the year ended 
December 31, 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>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                          87,623
<SECURITIES>                                 1,099,810
<RECEIVABLES>                                  133,279
<ALLOWANCES>                                     2,517
<INVENTORY>                                     43,126
<CURRENT-ASSETS>                                     0
<PP&E>                                       2,425,325
<DEPRECIATION>                               (747,503)
<TOTAL-ASSETS>                               5,174,464
<CURRENT-LIABILITIES>                                0
<BONDS>                                        718,240
<COMMON>                                       546,254
<PREFERRED-MANDATORY>                           44,844
<PREFERRED>                                     48,293
<OTHER-SE>                                     135,835
<TOTAL-LIABILITY-AND-EQUITY>                 5,174,464
<SALES>                                              0
<TOTAL-REVENUES>                             1,188,523
<CGS>                                                0
<TOTAL-COSTS>                                1,014,390
<OTHER-EXPENSES>                               (5,944)
<LOSS-PROVISION>                                 3,067
<INTEREST-EXPENSE>                              54,028
<INCOME-PRETAX>                                126,049
<INCOME-TAX>                                    53,019
<INCOME-CONTINUING>                             73,030
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    73,030
<EPS-PRIMARY>                                     2.60
<EPS-DILUTED>                                     2.60