EXHIBIT 12(a)

HAWAIIAN ELECTRIC COMPANY, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	NINE MONTHS ENDED SEPTEMBER 30,						YEARS ENDED DECEMBER 31,
	2003			2002			2002			2001			2000			1999			1998
	(DOLLARS IN THOUSANDS)
FIXED CHARGES
Total interest charges	$	34,055		$	33,248		$	44,232		$	47,056		$	49,062		$	48,461		$	47,921
Interest component of rentals		625			491			663			728			696			784			730
Pretax preferred stock dividend requirements of subsidiaries		1,094			1,080			1,434			1,433			1,438			1,479			4,081
Preferred securities distributions of trust subsidiaries		5,756			5,756			7,675			7,675			7,675			7,665			4,197
TOTAL FIXED CHARGES	$	41,530		$	40,575		$	54,004		$	56,892		$	58,871		$	58,389		$	56,929
EARNINGS
Income before preferred stock dividends of HECO	$	57,382		$	70,629		$	91,285		$	89,380		$	88,366		$	76,400		$	84,230
Fixed charges, as shown		41,530			40,575			54,004			56,892			58,871			58,389			56,929
Income taxes (see note below)		36,777			44,196			56,658			55,416			55,375			48,047			54,572
Allowance for borrowed funds used during construction		(1,385	)		(1,392	)		(1,855	)		(2,258	)		(2,922	)		(2,576	)		(5,915	)
EARNINGS AVAILABLE FOR FIXED CHARGES	$	134,304		$	154,008		$	200,092		$	199,430		$	199,690		$	180,260		$	189,816
RATIO OF EARNINGS TO FIXED CHARGES		3.23			3.80			3.71			3.51			3.39			3.09			3.33
NOTE:
Income taxes is comprised of the following:
Income tax expense relating to operating income from regulated activities	$	36,865		$	44,110		$	56,729		$	55,434		$	55,213		$	48,281		$	54,719
Income tax expense (benefit) relating to results from nonregulated activities		(88	)		86			(71	)		(18	)		162			(234	)		(147	)
	$	36,777		$	44,196		$	56,658		$	55,416		$	55,375		$	48,047		$	54,572