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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549
                                  FORM 10-Q/A

         [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended March 31, 1995
                                       OR
           [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

    Exact Name of Registrant as          Commission        I.R.S. Employer
     Specified in Its Charter            File Number       Identification No.
- ----------------------------------       -----------       ------------------
HAWAIIAN ELECTRIC INDUSTRIES, INC.         1-8503              99-0208097

                           and Principal Subsidiary

HAWAIIAN ELECTRIC COMPANY, INC.            1-4955              99-0040500


                                STATE OF HAWAII
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        (State or other jurisdiction of incorporation or organization)
 
                  900 RICHARDS STREET, HONOLULU, HAWAII 96813
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             (Address of principal executive offices and zip code)
 
            HAWAIIAN ELECTRIC INDUSTRIES, INC. ----- (808) 543-5662
            HAWAIIAN ELECTRIC COMPANY, INC. ------- (808) 543-7771
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             (Registrant's telephone number, including area code)
 
                                     NONE
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             (Former name, former address and former fiscal year, 
                         if changed since last report)
 
 
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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.    Yes   x    No 
                                          -----     -----

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

 
 
Class of Common Stock                                                 Outstanding May 5, 1995
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Hawaiian Electric Industries, Inc. (Without Par Value).....              29,008,326 Shares
Hawaiian Electric Company, Inc. ($6 2/3 Par Value).........   11,813,147 Shares (not publicly traded)
 

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Item 6.  Exhibits and reports on Form 8-K
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(a)   Exhibits
 
HECO            Hawaiian Electric Company, Inc. and subsidiaries Amended and 
Exhibit 10      restated power purchase agreement between Hilo Coast Processing
                Company and Hawaii Electric Light Company, Inc. dated March 24,
                1995
 
HEI             Hawaiian Electric Industries, Inc. and subsidiaries
Exhibit 11(a)   Computation of earnings per share of common stock, three months
                ended March 31, 1995 and 1994
 
HECO            Hawaiian Electric Company, Inc. and subsidiaries Computation of 
Exhibit 11(b)   earnings per share of common stock
 
HEI             Hawaiian Electric Industries, Inc. and subsidiaries Computation 
Exhibit 12(a)   of ratio of earnings to fixed charges, three months ended March
                31, 1995 and 1994
 
HECO            Hawaiian Electric Company, Inc. and subsidiaries Computation 
Exhibit 12(b)   of ratio of earnings to fixed charges, three months ended March
                31, 1995 and 1994
 
HEI             Hawaiian Electric Industries, Inc. and subsidiaries Financial 
Exhibit 27(a)   Data Schedule March 31, 1995 and three months ended March 31, 
                1995
 
HECO            Hawaiian Electric Company, Inc. and subsidiaries Financial Data 
Exhibit 27(b)   Schedule March 31, 1995 and three months ended March 31, 1995

(b)   Reports on Form 8-K

During the quarter, HEI and HECO filed a Current Report, Form 8-K, with the SEC
under "Item 5. Other Events" and "Item 7. Financial Statements and Exhibits" as
follows:

 
 
Dated                   Registrant/s       Items reported
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December 29, 1994       HEI, HECO          News releases: HEI utility subsidiary receives rate relief 
                                           and HEI utility subsidiary receives 1995 interim rate order; 
                                           Rating agency actions
 

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                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned, thereunto duly authorized. The signature of the undersigned
companies shall be deemed to relate only to matters having reference to such
companies and any subsidiaries thereof.


HAWAIIAN ELECTRIC INDUSTRIES, INC.           HAWAIIAN ELECTRIC COMPANY, INC.
                      (Registrant)                              (Registrant)


By  /s/ Robert F. Mougeot                    By  /s/ Paul Oyer
    ------------------------------           --------------------------------
    Robert F. Mougeot                            Paul A. Oyer
    Financial Vice President and                 Financial Vice President and
      Chief Financial Officer                      Treasurer
    (Principal Financial Officer                 (Principal Financial Officer
      of HEI)                                      of HECO) 
 
Date:  August 22, 1995                       Date:  August 22, 1995
 

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