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   June 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- ________


<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:

                           Successful CEZ Bonds Issue

CEZ, a. s.  yesterday  issued the first  issue of bonds,  in the amount of three
billion Czech  crowns,  under the approved  bonds  issuance  program.  The issue
represents the ninth time CEZ has issued bonds in the domestic  market.  A fixed
interest rate of 3.35 % p.a. was specified for the bonds,  the bonds were issued
at a price of 100.05 % of their par value and mature in 2008. Proceeds from this
issue will be used for the early  repayment of the fifth issue of domestic bonds
carrying an interest rate of 11 1/16%.  CEZ will exercise the right to the early
repayment of the fifth issue on June 27, 2003.

The arranger and lead manager of the issue was  Ceskoslovenska  obchodni  banka,
a.s.  Members of the  syndicate of  subscribers  are major  securities  dealers,
specifically  ABN AMRO  Bank  N.V.,  Ceska  sporitelna,  a.s.,  ING  Bank  N.V.,
Ceskomoravska  zarucni a rozvojova  banka,  a.s.,  HVB Bank Czech Republic a.s.,
Citibank a.s. and Komercni banka, a.s.

"The issue was  implemented  in a record time and on very  advantageous  terms",
stated David Svojitka, Executive Director for Finance and Administration.  "This
was our second large external financing  transaction this year. At the beginning
of April, we concluded a five year syndicated  guarantee in the amount of EUR 88
million in favor of the European  Investment  Bank. We are not planning  another
issue under our bonds program in the near future."

<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.

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                                                       (Registrant)


Date: June 24, 2003




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