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   April, 2003

Commission File Number 333-7182-01

                                   CEZ, a. s.

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                 (Translation of registrant's name into English)
                                c/o Duhova 2/1444
                                 140 53 Prague 4
                                 Czech Republic

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


 The change in the Organization of the Czech Electric Energy Sector according to
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    the Model of Western European Countries Results in a Better Rating of CEZ
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                             by Standard and Poor's
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On April 2, 2003, the international  rating agency,  Standard & Poor's,  changed
the  long-term  rating  outlook of CEZ from "stable" to "positive" in connection
with  the  completion  of  the  transaction  consisting  in the  integration  of
interests (controlled by the state) in regional distribution  companies into the
CEZ  Group.  The rating  agency  thus  approved  of such  transaction.  Further,
Standard & Poor's confirmed the BBB+ rating of CEZ.

The positive  outlook reflects  strategic and business  benefits arising for CEZ
from a better approach to end off-takers, as well as from the better position of
CEZ on the European market, which fully compensates the loss of control over the
transmission network.

The integration of the interests in regional distribution companies into the CEZ
Group brought the  organization  of the Czech electric energy sector back inline
with the system used in the majority of Western European countries.

Under the  transaction CEZ has acquired a majority stake in five of the regional
distribution  companies  (however,  it has only purchased a majority in two from
the state),  and it will have a minority  stake in three  regional  distribution
companies.  However,  the  Office for the  Protection  of  Economic  Competition
resolved that CEZ must sell one majority and three minority stakes,  and dispose
of the remaining shares in CEPS. Moreover, the company will transfer a 66% stake
in CEPS, a. s. to the state.  Through this transaction,  the state will gain CZK
21 billion in total.

CEZ will pay CZK 32 billion for the  regional  distributors;  the state will pay
CZK 15 billion  according  to the present  pricing for the  two-thirds  stake in
CEPS.  CEZ will pay a further four  billion  Czech Crowns to the state as income
tax.
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                                   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.

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                                                        (Registrant)
Date: April 3, 2003
                                                  By:
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                                                       Libuse Latalova
                                                 Head of Finance Administration