Exhibit 12.1

                                  CERTIFICATION

I, Martin Roman, certify that:

       1.     I have reviewed this annual report on Form 20-F of CEZ, a. s.;

       2.     Based on my knowledge, this report does not contain any untrue
              statement of a material fact or omit to state a material fact
              necessary to make the statements made, in light of the
              circumstances under which such statements were made, not
              misleading with respect to the period covered by this report;

       3.     Based on my knowledge, the financial statements, and other
              financial information included in this report, fairly present in
              all material respects the financial condition, results of
              operations and cash flows of the company as of, and for, the
              periods presented in this report;

       4.     The company's other certifying officer(s) and I are responsible
              for establishing and maintaining disclosure controls and
              procedures (as defined in Exchange Act Rules 13a-15(e) and
              15d-15(e)) for the company and have:

              (a)   Designed such disclosure controls and procedures, or caused
                    such disclosure controls and procedures to be designed under
                    our supervision, to ensure that material information
                    relating to the company, including its consolidated
                    subsidiaries, is made known to us by others within those
                    entities, particularly during the period in which this
                    report is being prepared;

              (b)   Evaluated the effectiveness of the company's disclosure
                    controls and procedures and presented in this report our
                    conclusions about the effectiveness of the disclosure
                    controls and procedures, as of the end of the period covered
                    by this report based on such evaluation; and

              (c)   Disclosed in this report any change in the company's
                    internal control over financial reporting that occurred
                    during the period covered by the annual report that has
                    materially affected, or is reasonably likely to materially
                    affect, the company's internal control over financial
                    reporting; and

       5.     The company's other certifying officer(s) and I have disclosed,
              based on our most recent evaluation of internal control over
              financial reporting, to the company's auditors and the audit
              committee of the company's board of directors (or persons
              performing the equivalent functions):

              (a)   All significant deficiencies and material weaknesses in the
                    design or operation of internal control over financial
                    reporting which are reasonably likely to adversely affect
                    the company's ability to record, process, summarize and
                    report financial information; and

              (b)   Any fraud, whether or not material, that involves management
                    or other employees who have a significant role in the
                    company's internal control over financial reporting.

Date: July 15, 2005

                                     /s/ Martin Roman
                              -------------------------------
                                  Chief Executive Officer