At this point, I don't know who owes whom money. Last I heard, California still owed some producers money for power bought but never paid for because they disputed the charges. This $3 billion refund might be a credit against the $8 billion (or whatever the figure is) that California still owes.
I have heard a figure bandied by a vulture capitalist that California owes over $20 billion when all the contracts are totaled. Don't know if it's true, but it's scary if it is.