HECO Exhibit 12.2
                                                               -----------------

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


 
                                               Six months ended       
                                                   June 30,           
                                              ------------------      
(dollars in thousands)                         1996       1995        
- ----------------------------------------------------------------
                                                             
                                                                      
FIXED CHARGES                                                         
Total interest charges..................      $22,853    $21,351      
Interest component of rentals...........          352        330      
Pretax preferred stock dividend                                       
 requirements of subsidiaries...........        2,293      2,252      
                                              -------    -------      
                                                                      
TOTAL FIXED CHARGES.....................      $25,498    $23,933      
                                              =======    =======      
                                                                      
EARNINGS                                                              
Income before preferred stock dividends                               
 of HECO................................      $39,364    $35,413      
Income taxes (see note below)...........       25,795     23,054      
Fixed charges, as shown.................       25,498     23,933      
AFUDC for borrowed funds................       (2,504)    (2,505)      
                                              -------    -------      
                                                                      
EARNINGS AVAILABLE FOR FIXED CHARGES....      $88,153    $79,895      
                                              =======    =======      
                                                                      
RATIO OF EARNINGS TO FIXED CHARGES......         3.46       3.34      
                                              =======    =======      
                                                                      
Note:                                                                 
Income taxes are comprised of the                                     
 following:                                                           
   Expense relating to operating income       $25,893    $23,270      
     for regulated purposes..............                             
   Benefit relating to nonoperating loss.         (98)      (216)      
                                              -------    -------      
                                              $25,795    $23,054      
                                              =======    =======