Electricity Gouging Refund Act of 2003 - Amends the Federal Power Act to instruct the Federal Energy Regulatory Commission to order a refund (including interest) for that portion of charges on the transmission or sale of electric energy between June 1, 2000, and June 19, 2001, which the Commission finds unjust and unreasonable.
States that the total amount of such refunds shall be not less than $8.9 billion.
Directs the Commission to order the renegotiation of the long-term electricity contracts entered into between the energy companies and the State of California between January 1 and May 31, 2001.