<SEC-DOCUMENT>0001104659-11-040506.txt : 20110725
<SEC-HEADER>0001104659-11-040506.hdr.sgml : 20110725
<ACCEPTANCE-DATETIME>20110725144047
ACCESSION NUMBER:		0001104659-11-040506
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110722
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20110725
DATE AS OF CHANGE:		20110725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC CO INC
		CENTRAL INDEX KEY:			0000046207
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				990040500
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04955
		FILM NUMBER:		11984412

	BUSINESS ADDRESS:	
		STREET 1:		900 RICHARDS ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085437771

	MAIL ADDRESS:	
		STREET 1:		900 RICHARDS STREET
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HAWAIIAN ELECTRIC CO LTD
		DATE OF NAME CHANGE:	19670212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC INDUSTRIES INC
		CENTRAL INDEX KEY:			0000354707
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				990208097
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08503
		FILM NUMBER:		11984411

	BUSINESS ADDRESS:	
		STREET 1:		900 RICHARDS ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085435662

	MAIL ADDRESS:	
		STREET 1:		900 RICHARDS STREET
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a11-21601_18k.htm
<DESCRIPTION>8-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Washington, D.C.&#160; 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">FORM&nbsp;8-K</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">CURRENT REPORT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Securities Exchange Act of 1934</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Date of Report:&#160; July&nbsp;22, 2011</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Exact Name of   Registrant</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Commission</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">I.R.S. Employer&nbsp;</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.24%;">
<p style="margin:0in 0in .0001pt .25in;"><u><font size="3" face="Arial" style="font-size:12.0pt;">as   Specified in Its Charter</font></u></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Arial" style="font-size:12.0pt;">File   Number</font></u></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Arial" style="font-size:12.0pt;">Identification   No.</font></u></p>    </td>   </tr>
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<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.24%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.52%;">
<p align="right" style="margin:0in .65in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 28.1pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.24%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Hawaiian Electric   Industries,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">1-8503</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">99-0208097</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.24%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Hawaiian Electric   Company,&nbsp;Inc.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">1-4955</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.4%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">99-0040500</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:double windowtext 1.5pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
</div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">State of   Hawaii</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:42.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">(State or   other jurisdiction of incorporation)</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="58%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">900   Richards Street, Honolulu, Hawaii&nbsp;   96813</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">(Address   of principal executive offices and zip code)</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Registrant&#146;s   telephone number, including area code:</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(808) 543-5662 - Hawaiian Electric   Industries,&nbsp;Inc. (HEI)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(808)   543-7771 - Hawaiian Electric Company,&nbsp;Inc. (HECO)</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:61.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">None</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">(Former   name or former address, if changed since last report.)</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt 20.15pt;text-indent:-20.15pt;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt 20.15pt;text-indent:-20.15pt;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt 20.15pt;text-indent:-20.15pt;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Item 8.01&#160; Other Events.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The following is an update to the disclosures on rate requests and the decoupling proceeding in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#150;Electric utility&#148; under &#147;Most recent rate requests&#148; and &#147;Decoupling proceeding&#148;, which are incorporated herein by reference to pages&nbsp;56-57 and 58, respectively, of HEI&#146;s and HECO&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2011, and &#147;Other Events&#148; in HEI&#146;s and HECO&#146;s Current Report on Form&nbsp;8-K dated July&nbsp;5, 2011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Arial" style="font-size:12.0pt;">A.&#160; HECO 2011 Test Year Rate Case</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">On July&nbsp;22, 2011, the Public Utilities Commission of the State of Hawaii (PUC) issued an interim Decision and Order (D&amp;O) granting HECO a net increase of $38.2 million in annual revenues, or 2.2%, net of the revenues currently being recovered through the decoupling Revenue Adjustment Mechanism (RAM).&#160; Including the RAM revenues, the total annual interim increase is $53.2 million or 3.1%.&#160; The tariff changes implementing the interim increase will be effective July&nbsp;26, 2011. If the interim rate increase exceeds the amount of the increase ultimately approved in the final D&amp;O, then the excess would be refunded to HECO&#146;s customers, with interest.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The interim increase is based on, and except as described herein substantially the same as, the settlement agreement executed and filed on July&nbsp;5, 2011 by HECO, the Consumer Advocate and the Department of Defense (the parties in the proceeding).&#160; The interim increase reflects the new depreciation rates and methods approved by the PUC in a separate proceeding, which will result in a $2 million decrease in depreciation expense effective with interim rates to the end of 2011.&#160;&#160; A comparison of the interim increase and HECO&#146;s requested increase in its application for a general increase filed on July&nbsp;30, 2010 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="83%" style="border:none;border-collapse:collapse;margin-left:.5in;width:83.3%;">
<tr>
<td width="42%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.54%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Application<br>   July&nbsp;30, 2010</font></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Interim   D&amp;O<br>   July&nbsp;22, 2011</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.54%;">
<p style="margin:0in 0in .0001pt 13.75pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Request   amount</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$113.5   million<br>   (6.6% increase)</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$53.2   million*<br>   (3.1% increase)</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.54%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">Return on average   common equity (ROACE) (%)</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">10.75%</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">10.0%</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.54%;">
<p style="margin:0in 0in .0001pt 13.75pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Common   equity capitalization (%)</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">56.3%</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">56.3%</font></p>    </td>   </tr>
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<td width="42%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.54%;">
<p style="margin:0in 0in .0001pt 13.75pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Return   on average rate base (%)</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">8.54%</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">8.11%</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:42.54%;">
<p style="margin:0in 0in .0001pt 13.75pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Average   rate base amount</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$1.569   billion</font></p>    </td>
<td width="22%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:22.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$1.354   billion</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Including the impact of $15 million (0.9%) in annual revenues already being recovered through the decoupling Revenue Adjustment Mechanism.</font></p>
<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">In the Interim D&amp;O, the PUC approved the portion of the settlement agreement allowing HECO to defer the portion of costs for HECO&#146;s East Oahu Transmission Project Phase 1 ($43 million) and Campbell Industrial Park combustion turbine project ($32 million) that are in excess of prior PUC approved amounts and related depreciation until completion of an independently conducted regulatory review on the reasonableness of the total project costs.&#160; The PUC approved the accrual of a carrying charge on the cost of such projects not yet included in rates and the related depreciation expense, from July&nbsp;1, 2011 until the regulatory reviews are completed and the PUC has issued an order allowing the remaining project costs in electric rates. However, the PUC did not approve the portion of the settlement agreement to allow deferral of certain costs amounting to approximately $3.2 million for 2011 (most of which have not yet been</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">1<a name="PB_1_082442_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">expended).&#160; In addition, the PUC did not approve the agreement to defer expenses (subject to a limit to which the parties agreed) associated with the yet-to-be completed Customer Information System.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">In the Interim D&amp;O, the PUC indicated it has not made a final determination on whether a labor expense adjustment is appropriate for this rate case, but finds that an adjustment is not necessary for purposes of the Interim D&amp;O, and will consider the reasonableness of such costs in light of current economic conditions in an evidentiary hearing scheduled for September&nbsp;26-30, 2011.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">In a rate case, the PUC may grant an interim rate increase (subject to potential refund with interest pending the final outcome of the case) if the PUC determines that the public utility is probably entitled to an increase in its rates. Management cannot provide any assurances concerning the timing or ultimate outcome of HECO&#146;s 2011 test year rate case proceeding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Arial" style="font-size:12.0pt;">B.&#160; Maui Electric Company, Limited (MECO) 2012 Test Year Rate Case</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">On July&nbsp;22, 2011, MECO filed a request with the Public Utilities Commission of the State of Hawaii (PUC) for a general rate increase of $27.5 million, or 6.7% over the electric rates currently in effect, based on a 2012 test year.&#160; The request is based on the following:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="84%" style="border:none;border-collapse:collapse;margin-left:61.65pt;width:84.42%;">
<tr>
<td width="56%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:56.28%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:41.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">Application -   July&nbsp;22, 2011</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:56.28%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Request over   rates in effect</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">$27.5 million   (6.7% increase)</font></p>    </td>   </tr>
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<td width="56%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:56.28%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Return on average   common equity (ROACE)</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">11.00%</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:56.28%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Common equity   capitalization (%)</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">56.85%</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:56.28%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Return on average   rate base (ROR)</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">8.72%</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:56.28%;">
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Average rate base   amount</font></p>    </td>
<td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:41.96%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Arial" style="font-size:12.0pt;">$393 million</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">MECO&#146;s electric rates currently in effect include an annual interim rate increase of $8.5 million granted by the PUC in MECO&#146;s 2010 test year rate case, which is subject to a final decision from the PUC, and is subject to refund with interest if the final decision provides for a lesser increase.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The proposed rate increase is required to pay for operation and maintenance expenses and additional investments in plant and equipment required to maintain and improve system reliability and to cover the increased costs to support the integration of more renewable energy generation.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">HEI and HECO intend to continue to use HEI&#146;s website,<u>www.hei.com</u>, as a means of disclosing additional information. Such disclosures will be included on HEI&#146;s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI&#146;s website, in addition to following HEI&#146;s, HECO&#146;s and American Savings Bank, F.S.B.&#146;s press releases, SEC filings and public conference calls and webcasts. Investors may also wish to refer to the PUC website at <u>dms.puc.hawaii.gov/dms</u> in order to review documents filed with and issued by the PUC.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">2<a name="PB_2_075943_7056"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HAWAIIAN   ELECTRIC INDUSTRIES, INC.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HAWAIIAN   ELECTRIC COMPANY, INC.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   (Registrant)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp; </font><font face="Arial">/s/ James A. Ajello</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;/s/   Tayne S. Y. Sekimura</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">James A. Ajello</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Tayne S. Y. Sekimura</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Executive   Vice President,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Senior   Vice President and</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Treasurer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(Principal   Financial Officer of HEI)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(Principal   Financial Officer of HECO)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Date: July&nbsp;25, 2011</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Date: July&nbsp;25, 2011</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">3<a name="PB_3_080520_5335"></a></font></p>
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