PG&E and Valero agree to mediate lawsuit over refinery power outage

Bankrupt power producer PG&E Corp and Valero Corp have agreed to mediation to try to resolve a $75 million lawsuit over a power outage that forced Valero to shut a California refinery and damaged its equipment, according to court papers filed.

If a settlement is not reached in mediation, PG&E’s bankruptcy stay will be lifted effective Nov. 25 so Valero can proceed to trial with its lawsuit, according to a stipulation by lawyers for the two companies filed in U.S. Bankruptcy Court in San Francisco.

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