Exhibit 12.2

                                  CERTIFICATION

I, Petr Voboril, 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/ Petr Voboril
                               -------------------------------
                                     Chief Financial Officer