<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM HAWAIIAN
ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES' CONSOLIDATED BALANCE SHEET AS OF
MARCH 31, 1998 AND CONSOLIDATED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED
MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000354707
<NAME> HAWAIIAN ELECTRIC INDUSTRIES, INC.
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                         212,409
<SECURITIES>                                 2,012,276
<RECEIVABLES>                                  152,455
<ALLOWANCES>                                         0
<INVENTORY>                                     36,071
<CURRENT-ASSETS>                                     0
<PP&E>                                       3,027,531
<DEPRECIATION>                                 999,378
<TOTAL-ASSETS>                               7,924,713
<CURRENT-LIABILITIES>                                0
<BONDS>                                        857,952
<PREFERRED-MANDATORY>                           83,370
<PREFERRED>                                    148,293
<COMMON>                                       658,930
<OTHER-SE>                                     162,259
<TOTAL-LIABILITY-AND-EQUITY>                 7,924,713
<SALES>                                              0
<TOTAL-REVENUES>                               375,621
<CGS>                                                0
<TOTAL-COSTS>                                  319,603
<OTHER-EXPENSES>                                   212
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              18,141
<INCOME-PRETAX>                                 37,665
<INCOME-TAX>                                    15,442
<INCOME-CONTINUING>                             22,223
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    22,223
<EPS-PRIMARY>                                     0.70<F1>
<EPS-DILUTED>                                     0.69
<FN>
<F1> REPRESENTS BASIC EPS
</FN>