California set to get energy refund

Five years after the energy crisis, California looks like it will finally be getting some money back:

California will collect a $750 million refund for energy-crisis overcharges under a settlement approved Wednesday by federal regulators, state officials said.

The deal with Atlanta-based power generator Mirant Corp. was first announced in January but was not approved until Wednesday by the Federal Energy Regulatory Commission.

The $750 million will be split among California's three investor-owned utilities and the state Department of Water Resources, which bought power for the utilities in 2001, and will ultimately go to customers as rate relief.