FORM 6-K
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                        Report of Foreign Private Issuer

                        Pursuant to Rule 13a-16 or 15d-16
                     of the Securities Exchange Act of 1934

For the month of July 2003

Commission File Number 333-7182-01

                                   CEZ, a. s.
                 ---------------------------------------------
                 (Translation of registrant's name into English)

                                c/o Duhova 2/1444
                                 140 53 Prague 4
                                 Czech Republic
                 ---------------------------------------------
                    (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

                      Form 20-F  X       Form 40-F
                                ---                ---

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                            Yes           No  X
                                ---          ---

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________

<PAGE>
The  following  information  was filed by CEZ, a. s. in Czech  language with the
Prague Stock Exchange as required by its rules and regulations:

Press Release

Operating Results of CEZ for the First Half of 2003

The profit generated by CEZ increased by 71 percent to CZK 12.3 billion.

During the first half of this year,  the power company CEZ achieved a net profit
of CZK 12 329 million, an increase of CZK 5.1 billion (71 percent) in comparison
with the  comparable  period of last year.  The main reason behind such a marked
increase in profit was the sale of a 66 % ownership  stake in CEPS (the  company
that operates the power  transmission  grid),  since the difference  between the
selling  price and the book value  amounted to CZK 12.5  billion.  CEZ  reported
income taxes in the amount of CZK 4.2 billion on the transfer.

"We are pleased that despite a further reduction in the price of electricity for
households,  due  to  significantly  higher  sales  we  were  able  to  increase
electricity  revenues,  including ancillary services,  by almost 11 percent. And
despite the fact that  depreciation  decreased by CZK 1.6 billion in  connection
with the test operation of the Temelin nuclear power plant, our operating profit
declined  by only 300  million,  to CZK 4.3  billion.  Additionally,  continuing
efforts to increase operating  efficiency led to an increase in labor efficiency
in  production  of  an  additional  20  percent",  stated  Petr  Voboril,  CEZ's
Vice-Chairman of the board of directors and the Executive Director for Strategy.

CEZ's  electricity  sales  increased  by 9.8%  in the  first  half of the  year,
domestic sales rose by 1 519 GWh (by 8.4 %) to 19 686 GWh, and exports increased
by 13.5 % to 8 779 GWh. CEZ reduced the prices at which it sold  electricity  in
the domestic market, while the prices at which electricity was exported rose.

Electricity  production at CEZ's power plants rose year-on-year by 3 579 GWh (by
13.6 %) to 29 959 GWh, of which  production at  coal-fired  plants rose by 1 176
GWh (by  7.1 %) and at  nuclear  power  plants  by 2 794 GWh (by  31.4 %) as the
Temelin nuclear power plant was brought into operation. A total of 4 734 GWh was
produced at the Temelin power plant,  which represents an year-on-year  increase
of 116 %. On the other  hand,  as a result of the damage  caused by last  year's
floods to the power-generation  plants at Stechovice a Orlik, power generated by
hydro-electric plants decreased by 391 GWh (by 39.8 %).

CEZ expended CZK 1 789 million on capital expenditures,  a year-on-year decrease
of  903  million.  The  main  capital  expenditure  programs  consisted  of  the
completion  of the  Temelin  nuclear  power plant and the  modernization  of the
Dukovany power plant.

Due to ongoing steps  implemented  in connection  with the  optimization  of the
firm's  organizational  structure,  the number of employees fell year-on-year by
410 (by 5.6 %),  primarily in the area of nuclear power  plants.  As at June 30,
2003, CEZ had a total of 6 966 employees.

As of  April  1 of  this  year,  CEZ  became  the  owner  of  ownership  stakes,
represented   by  shares,   in  the  regional  power   companies.   Through  the
incorporation of such stakes, the CEZ Group became the preeminent power group in
the Czech Republic. The new group took its

<PAGE>
place among the ten most  important  power  firms in Europe,  as  classified  by
revenues or number of customers, ranking ahead of such renowned power firms such
as the Austrian firm Verbund, the Finnish firm Fortum, the British firms British
Energy and Innogy, the Spanish firm Union Fenosa, the Portugese firm EDP and the
Swedish firm Sydkraft.

Since  the  beginning  of July the  "REAS  Project"  has been  progressing  in a
promising way. There are 108 people from the regional power companies working on
this  project,  as well as people  from the  consulting  firms A.T.  Kearney and
from CEZ, with the objective of creating a modern and efficient power group.


                                                (Millions of CZK)   Year-on-year
                                                                    change

                Total revenues                       44 175          + 36.2 %

- electricity revenues, including ancillary          25 220          + 10.8 %
                   services

       Total costs, without income tax               27 371          + 15.9 %

                Pre-tax profit                       16 804          + 90.4 %

                After-tax profit                     12 329          + 70.7 %

Note: unconsolidated data, according to Czech accounting standards


Selected Ratios:

         Productivity on gross production             707            + 19.7 %
             (MWh/month/person)

     Net return on equity (in % for preceding         9.0             + 23 %
             12 months)

       Value added per employee (thousands            335            + 20.9 %
             of CZK/month/person)

             Earnings per share (CZK)                 20.8           + 70.5 %


Additional details are presented in the mid-year report at: http://www.cez.cz


Ladislav Kriz, CEZ Spokesperson
July 31, 2003
<PAGE>
   Operating Results of CEZ, a. s., for the First Half of the Applicable Year
                          (Czech accounting standards)

<TABLE>
<CAPTION>
       (millions of CZK)             1999          2000          2001          2002          2003

<S>                                <C>           <C>           <C>           <C>           <C>
Total revenues                      28 260        27 584        28 358        32 441        44 175

Total costs                         26 598        23 612        22 661        23 614        27 371

Pre-tax profit                       1 662         3 972         5 697         8 827        16 804

After-tax profit                      575          3 046         4 632         7 223        12 329
</TABLE>


       Development of CEZ Employees (as at Dec. 31 of the applicable year)

<TABLE>
<CAPTION>
    May 6, 1992          1999            2000             2001             2002        June 30, 2003

<S>                  <C>              <C>               <C>              <C>              <C>
      16 407            9 266           8 795             7 552           7 250            6 966
</TABLE>

The number of employees at CEZ has  decreased  since the  company's  founding in
1992 (May 6) by almost 58 percent.

Unaudited  Balance Sheet as of June 30, 2003 and Profit and Loss Statement as of
June 30, 2003,  prepared according to Czech accounting  standards is attached as
an exhibit hereto.
<PAGE>
                                   Signatures

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                                      CEZ, a. s.
                                             -----------------------------
                                                     (Registrant)

Date: July 31, 2003

                                             By:     /s/ Libuse Latalova
                                                --------------------------
                                                    Libuse Latalova
                                             Head of Finance Administration