<ARTICLE> UT
<LEGEND>
This schedule contains summary financial information extracted from Hawaiian
Electric Company, Inc. and subsidiaries' consolidated balance sheet as of
September 30, 1994 and consolidated statement of income and consolidated
statement of cash flows 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
<BOOK-VALUE>                                  PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                    1,545,324
<OTHER-PROPERTY-AND-INVEST>                          0
<TOTAL-CURRENT-ASSETS>                         153,664
<TOTAL-DEFERRED-CHARGES>                         9,872
<OTHER-ASSETS>                                 114,533
<TOTAL-ASSETS>                               1,823,393
<COMMON>                                        75,065
<CAPITAL-SURPLUS-PAID-IN>                      220,243
<RETAINED-EARNINGS>                            300,346
<TOTAL-COMMON-STOCKHOLDERS-EQ>                 595,654
<PREFERRED-MANDATORY>                           43,915
<PREFERRED>                                     48,293
<LONG-TERM-DEBT-NET>                           474,097
<SHORT-TERM-NOTES>                               3,800
<LONG-TERM-NOTES-PAYABLE>                            0
<COMMERCIAL-PAPER-OBLIGATIONS>                 109,047
<LONG-TERM-DEBT-CURRENT-PORT>                   10,933
<PREFERRED-STOCK-CURRENT>                        2,224
<CAPITAL-LEASE-OBLIGATIONS>                          0
<LEASES-CURRENT>                                     0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                 535,430
<TOT-CAPITALIZATION-AND-LIAB>                1,823,393
<GROSS-OPERATING-REVENUE>                      665,826
<INCOME-TAX-EXPENSE>                            31,216
<OTHER-OPERATING-EXPENSES>                     571,135
<TOTAL-OPERATING-EXPENSES>                     602,351
<OPERATING-INCOME-LOSS>                         63,475
<OTHER-INCOME-NET>                              10,587
<INCOME-BEFORE-INTEREST-EXPEN>                  74,062
<TOTAL-INTEREST-EXPENSE>                        27,021
<NET-INCOME>                                    47,041
<PREFERRED-STOCK-DIVIDENDS>                      3,249
<EARNINGS-AVAILABLE-FOR-COMM>                   43,792
<COMMON-STOCK-DIVIDENDS>                        18,847
<TOTAL-INTEREST-ON-BONDS>                       32,831
<CASH-FLOW-OPERATIONS>                          75,982
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0