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                                    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 May 2006

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:

                  STRUCTURE OF SHAREHOLDERS AS OF MAY 17, 2006

                    Ministry of Finance of the
                     Czech Republic                  67.612 %

                    Other legal entities             23.934 %

                      Native residents                5.024 %

                      Foreigners                     18.910 %

                    Natural persons                   5.054 %

                      Native residents                4.919 %

                      Foreigners                      0.135 %

                    Custodians                        3.399 %

The Ministry of Finance of the Czech Republic is the only shareholder whose
shares exceed 5% of the registered capital of CEZ, a. s.

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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: May 25, 2006

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

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