Talk Back

Readers respond to Work & Money and Business section coverage.

Progress could sponsor contest to encourage renewable energy

I enjoyed reading your article in Business section covering the new CEO of Progress Energy ("New Progress leader must adapt to change," Oct. 13). It seems he has big concerns about meeting the requirements of recent legislation on renewable energy portfolios and efficiency programs. My hopes are that his new leadership will be more progressive (as their corporate name implies) in developing renewable energy sources than the previous. Major advancements in utility-scale power generation have been few and far between in the last four or five decades. It is time that we make a breakthrough, and there are plenty of ideas on how to do it. For example, with all of its coastline and its constant tidal and Gulf Stream flows, North Carolina's potential to produce tidal or hydrothermal energy far exceeds the existing potential of harnessing inland rivers from all other states combined. One concept to achieve a quantum leap in technology is to have a large utility sponsor a contest to design and produce the best small tidal, hydrothermal or other renewable power station. Imagine what kind of response they would get if Progress Energy offered $1 billion (over 20 years, with no lump sum like the lottery!). Progress Energy could line up venture capitalists that would back the contest. A panel of judges could come from public and private sectors and include representatives from several industries and nonprofit groups. My philosophy is that we all win when we challenge each other in a healthy manner, and then the true leaders step up the challenge.

Roger Stout

Raleigh

Lenders aren't doing enough to verify borrowers' incomesWith respect to state Treasurer Richard Moore leading the fight against unethical mortgage originators ("Moore pushes guide for lenders," Business, Oct. 17), I feel the Federal Reserve should step in with sweeping regulation of how banks, mortgage companies and savings and loans calculate debt-to-income ratios and how they verify income. I also wonder about the number of foreclosures reported so far in 2007. How many of these are primary residences, and how many were investment properties? When companies become realistic about using a customer's gross income in determining how much of a loan he can afford, we will make better and safer loans. Granted, there would be fewer loans made, but I am willing to bet that there are many companies wishing they had realistic and more conservative guidelines so they would not be losing billions of dollars.

William Sutton

Rocky Mount