<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM HAWAIIAN
ELECTRIC COMPANY, INC. AND SUBSIDIARIES' CONSOLIDATED BALANCE SHEET AS OF
DECEMBER 31, 1997 AND CONSOLIDATED STATEMENT OF INCOME AND CASH FLOWS FOR THE
YEAR ENDED DECEMBER 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000046207
<NAME> HAWAIIAN ELECTRIC COMPANY, INC.
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<BOOK-VALUE>                                  PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                    1,893,105
<OTHER-PROPERTY-AND-INVEST>                          0
<TOTAL-CURRENT-ASSETS>                         168,597
<TOTAL-DEFERRED-CHARGES>                        13,085
<OTHER-ASSETS>                                 137,527
<TOTAL-ASSETS>                               2,212,314
<COMMON>                                        85,387
<CAPITAL-SURPLUS-PAID-IN>                      296,266
<RETAINED-EARNINGS>                            387,582
<TOTAL-COMMON-STOCKHOLDERS-EQ>                 769,235
<PREFERRED-MANDATORY>                           83,175
<PREFERRED>                                     48,293
<LONG-TERM-DEBT-NET>                           597,621
<SHORT-TERM-NOTES>                                 400
<LONG-TERM-NOTES-PAYABLE>                            0
<COMMERCIAL-PAPER-OBLIGATIONS>                  95,181
<LONG-TERM-DEBT-CURRENT-PORT>                   30,000
<PREFERRED-STOCK-CURRENT>                        2,595
<CAPITAL-LEASE-OBLIGATIONS>                          0
<LEASES-CURRENT>                                     0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                 585,814
<TOT-CAPITALIZATION-AND-LIAB>                2,212,314
<GROSS-OPERATING-REVENUE>                    1,098,755
<INCOME-TAX-EXPENSE>                            52,795
<OTHER-OPERATING-EXPENSES>                     934,920
<TOTAL-OPERATING-EXPENSES>                     987,715
<OPERATING-INCOME-LOSS>                        111,040
<OTHER-INCOME-NET>                              19,042
<INCOME-BEFORE-INTEREST-EXPEN>                 130,082
<TOTAL-INTEREST-EXPENSE>                        48,233
<NET-INCOME>                                    81,849
<PREFERRED-STOCK-DIVIDENDS>                      3,660
<EARNINGS-AVAILABLE-FOR-COMM>                   78,189
<COMMON-STOCK-DIVIDENDS>                        58,377
<TOTAL-INTEREST-ON-BONDS>                       42,317
<CASH-FLOW-OPERATIONS>                         138,907
<EPS-PRIMARY>                                        0<F1>
<EPS-DILUTED>                                        0
        
<FN> 
<F1> REPRESENTS EPS-BASIC
</FN>