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Energy Turbines May Be Spinning in New York’s East River by 2013

The currents of New York City’s East River may soon be harnessed to produce electricity that can be sold to Consolidated Edison Inc. or the New York Power Authority.

The U.S. Federal Energy Regulatory Commission yesterday awarded closely held Verdant Power Inc. of New York the agency’s first license for a tidal-energy project, which will generate power from turbines to be installed on the river’s floor.