<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM HAWAIIAN
ELECTRIC COMPANY, INC. AND SUBSIDIARIES' CONSOLIDATED BALANCE SHEET AS OF MARCH
31, 1998 AND CONSOLIDATED STATEMENT OF INCOME AND CASH FLOWS FOR THE THREE
MONTHS ENDED MARCH 31, 1998 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>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<BOOK-VALUE>                                  PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                    1,899,927
<OTHER-PROPERTY-AND-INVEST>                          0
<TOTAL-CURRENT-ASSETS>                         158,676
<TOTAL-DEFERRED-CHARGES>                        14,601
<OTHER-ASSETS>                                 143,204
<TOTAL-ASSETS>                               2,216,408
<COMMON>                                        85,387
<CAPITAL-SURPLUS-PAID-IN>                      296,189
<RETAINED-EARNINGS>                            391,518
<TOTAL-COMMON-STOCKHOLDERS-EQ>                 773,094
<PREFERRED-MANDATORY>                           81,775
<PREFERRED>                                     48,293
<LONG-TERM-DEBT-NET>                           600,498
<SHORT-TERM-NOTES>                                   0
<LONG-TERM-NOTES-PAYABLE>                            0
<COMMERCIAL-PAPER-OBLIGATIONS>                 104,771
<LONG-TERM-DEBT-CURRENT-PORT>                   30,000
<PREFERRED-STOCK-CURRENT>                        1,595
<CAPITAL-LEASE-OBLIGATIONS>                          0
<LEASES-CURRENT>                                     0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                 576,382
<TOT-CAPITALIZATION-AND-LIAB>                2,216,408
<GROSS-OPERATING-REVENUE>                      256,043
<INCOME-TAX-EXPENSE>                            13,002
<OTHER-OPERATING-EXPENSES>                     215,498
<TOTAL-OPERATING-EXPENSES>                     228,500
<OPERATING-INCOME-LOSS>                         27,543
<OTHER-INCOME-NET>                               4,778
<INCOME-BEFORE-INTEREST-EXPEN>                  32,321
<TOTAL-INTEREST-EXPENSE>                        12,189
<NET-INCOME>                                    20,132
<PREFERRED-STOCK-DIVIDENDS>                        870
<EARNINGS-AVAILABLE-FOR-COMM>                   19,262
<COMMON-STOCK-DIVIDENDS>                        15,326
<TOTAL-INTEREST-ON-BONDS>                       42,590
<CASH-FLOW-OPERATIONS>                          35,649
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0