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        <filerCredentials>
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          <ccc>XXXXXXXX</ccc>
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      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



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    <issuerInfo>
      <issuerCik>0000046207</issuerCik>
      <issuerName>HAWAIIAN ELECTRIC CO INC</issuerName>
      <secFileNumber>001-04955</secFileNumber>
      <issuerAddress>
        <com:street1>1099 ALAKEA STREET, SUITE 2200</com:street1>
        <com:city>HONOLULU</com:city>
        <com:stateOrCountry>HI</com:stateOrCountry>
        <com:zipCode>96813</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>8085437771</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>RUSSELL KEITH P</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Director</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Fidelity Brokerage Services LLC</name>
        <address>
          <com:street1>900 Salem Street</com:street1>
          <com:city>Smithfield</com:city>
          <com:stateOrCountry>RI</com:stateOrCountry>
          <com:zipCode>02917</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>12000</noOfUnitsSold>
      <aggregateMarketValue>447480.00</aggregateMarketValue>
      <noOfUnitsOutstanding>109572075</noOfUnitsOutstanding>
      <approxSaleDate>05/15/2023</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/30/2020</acquiredDate>
      <natureOfAcquisitionTransaction>Restricted Stock Vesting</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>741</amountOfSecuritiesAcquired>
      <paymentDate>06/30/2020</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/28/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>2296</amountOfSecuritiesAcquired>
      <paymentDate>06/28/2019</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/29/2018</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>2915</amountOfSecuritiesAcquired>
      <paymentDate>06/29/2018</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/30/2017</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>3088</amountOfSecuritiesAcquired>
      <paymentDate>06/30/2017</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>09/30/2016</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>1884</amountOfSecuritiesAcquired>
      <paymentDate>09/30/2016</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/30/2015</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>1076</amountOfSecuritiesAcquired>
      <paymentDate>06/30/2015</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Keith Russell</name>
        <address>
          <com:street1>1001 Bishop Street</com:street1>
          <com:street2>Suite 2900</com:street2>
          <com:city>Honolulu</com:city>
          <com:stateOrCountry>HI</com:stateOrCountry>
          <com:zipCode>96813</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>03/08/2023</saleDate>
      <amountOfSecuritiesSold>10000</amountOfSecuritiesSold>
      <grossProceeds>392120.05</grossProceeds>
    </securitiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>05/15/2023</noticeDate>
      <signature>/s/ Jodi Disselkamp, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for Keith Russell</signature>
    </noticeSignature>
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144
0001199202
XXXXXXXX
LIVE
0000046207
HAWAIIAN ELECTRIC CO INC
001-04955
1099 ALAKEA STREET, SUITE 2200
HONOLULU
HI
96813
8085437771
RUSSELL KEITH P
Director
Common
Fidelity Brokerage Services LLC
900 Salem Street
Smithfield
RI
02917
12000
447480.00
109572075
05/15/2023
NYSE
Common
06/30/2020
Restricted Stock Vesting
Issuer
N
741
06/30/2020
Compensation
Common
06/28/2019
Open Market Purchase
Issuer
N
2296
06/28/2019
Cash
Common
06/29/2018
Open Market Purchase
Issuer
N
2915
06/29/2018
Cash
Common
06/30/2017
Open Market Purchase
Issuer
N
3088
06/30/2017
Cash
Common
09/30/2016
Open Market Purchase
Issuer
N
1884
09/30/2016
Cash
Common
06/30/2015
Open Market Purchase
Issuer
N
1076
06/30/2015
Cash
N
Keith Russell
1001 Bishop Street
Suite 2900
Honolulu
HI
96813
Common
03/08/2023
10000
392120.05
05/15/2023
/s/ Jodi Disselkamp, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for Keith Russell