Subic EnerZone Corporation (SEZ)is a privately owned electric distribution utility, managing the power distribution system (PDS) of Subic Bay Metropolitan Authority (SBMA). The company was incorporated on June 3, 2003 and started commercial operations on October 25, 2003.

SEZ’s authority to operate the Subic Bay Freeport Zone (SBFZ) power distribution system was granted by the SBMA pursuant to the terms of Republic Act No. 7227 (The Bases Conversion and Development Act of 1992), as amended. As a company operating within the SBFZ, SEZ is not required to pay the regular corporate income tax of 35% and instead pays a preferential tax of 5.0% on its gross income in lieu of all national and local taxes.

Last December 17, 2007, AP brought the 20% equity of Team Philippines Industrial Power II Corporation (formerly Mirant Philippines) in SEZ for P92 million. Together with the 35% equity in SEZ of AP’s subsidiary DLPC, this acquisition brings AP’s total equity in SEZ to 100%.