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The specification and drawings describe machines and methods that transform the kinetic energy of moving bodies of fluid into useful work. Specifically, embodiments of the invention may be used to generate electricity. In preferred embodiments a buoyant or semi-buoyant propeller assembly interfaces

The specification and drawings describe machines and methods that transform the kinetic energy of moving bodies of fluid into useful work. Specifically, embodiments of the invention may be used to generate electricity. In preferred embodiments a buoyant or semi-buoyant propeller assembly interfaces with a flowing body of water to capture power for electricity generation or any other work project.

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1. A propeller assembly for a water powered generation apparatus, said assembly comprising: a shaft;a plurality of propeller blades extending from said shaft, the propeller blades having a first end and a second end, wherein the first end is more proximate to the shaft than the second end; anda cowl

1. A propeller assembly for a water powered generation apparatus, said assembly comprising: a shaft;a plurality of propeller blades extending from said shaft, the propeller blades having a first end and a second end, wherein the first end is more proximate to the shaft than the second end; anda cowling encircling said propeller blades, the cowling being rigidly attached to the second ends of at least two of said propeller blades;wherein said propeller assembly is capable of exhibiting sufficient buoyancy when placed in water such that between about 75% and about 95% of a diameter of the cowling is submerged. 2. The propeller assembly of claim 1, further comprising at least one ballast compartment positioned within an interior of said shaft and a closable fill passage allowing fluid communication between said ballast compartment and an exterior of said shaft. 3. The propeller assembly of claim 1, wherein said shaft is at least partially composed of or filled with foam. 4. The propeller assembly of claim 1, wherein said cowling has tapered front and rear edges. 5. The propeller assembly of claim 1, further comprising supplemental propellers having a length, said length being less than a distance between said cowling and said shaft wherein said supplemental propellers are attached to said cowling. 6. The propeller assembly of claim 1, further comprising two or more sets of propeller blades and two cowlings attached on a common propeller shaft. 7. The propeller assembly of claim 6, further comprising a first cowling having a first diameter and a second cowling having a second diameter wherein said first diameter is less than said second diameter. 8. The propeller assembly of claim 1, wherein said cowling and said shaft are constructed of different materials. 9. A floating vessel for generating power, said vessel comprising: a vessel hull;a power train assembly positioned at least partially on said vessel hull;a buoyant propeller assembly attached to said power train assembly, said propeller assembly including a propeller shaft and a plurality of propeller blades extending therefrom; wherein said propeller assembly is capable of exhibiting sufficient buoyancy when placed in water such that between about 75% and about 95% of a diameter of the cowling is submerged; anda generator positioned on said floating vessel and attached to said power train assembly in a manner to receive mechanical power from said power train assembly. 10. The floating vessel of claim 9, further comprising a vertical shaft housing that extends downward from said vessel hull and is attached to a horizontal shaft housing. 11. The floating vessel of claim 10, wherein said vertical shaft housing comprises an elongated elliptical shape oriented parallel to a length of said vessel and said horizontal shaft housing comprises an elongated double arc shape parallel to a length of said vessel. 12. The floating vessel of claim 11, wherein said power train assembly includes a first shaft element extending through said vertical shaft housing and a second shaft element extending through said horizontal shaft housing, wherein a bevel gear transfers torque from said first shaft element to said second shaft element. 13. The floating vessel according to claim 12, wherein said first shaft elements is attached to a speed adjusting gear system which engages said generator. 14. The floating vessel according to claim 9, further comprising an anchor line attached to said vessel hull to a fixed object in a body of water. 15. A method of generating electricity comprising: providing a floating vessel for generating power, said vessel comprising: a vessel hull;a power train assembly positioned at least partially on said vessel hull;a buoyant propeller assembly attached to said power train, said propeller assembly including a propeller shaft and a plurality of propeller blades extending therefrom; wherein said propeller assembly is capable of exhibiting sufficient buoyancy when placed in water such that between about 75% and about 95% of a diameter of the cowling is submerged; anda generator positioned on said floating vessel and attached to said power train assembly in a manner to receive mechanical power from said power train assembly;fixing said floating vessel in a moving body of water. 16. The floating vessel according to claim 9, wherein the propeller blades have a first end and a second end, wherein the first end is more proximate to the propeller shaft than the second end; and a cowling encircling said propeller blades, the cowling being rigidly attached to the second ends of at least two of said propeller blades. 17. A floating vessel for generating power, said vessel comprising: a vessel hull;a vertical shaft housing that extends downward from said vessel hull and is attached to a horizontal shaft housing;a power train assembly positioned at least partially on said vessel hull;a buoyant propeller assembly attached to said power train assembly, said propeller assembly including a propeller shaft and a plurality of propeller blades extending therefrom; anda generator positioned on said floating vessel and attached to said power train assembly in a manner to receive mechanical power from said power train assembly. 18. The floating vessel of claim 17, wherein said vertical shaft housing comprises an elongated elliptical shape oriented parallel to a length of said vessel and said horizontal shaft housing comprises an elongated double arc shape parallel to a length of said vessel. 19. The floating vessel of claim 18, wherein said power train assembly includes a first shaft element extending through said vertical shaft housing and a second shaft element extending through said horizontal shaft housing, wherein a bevel gear transfers torque from said first shaft element to said second shaft element. 20. The floating vessel according to claim 19, wherein said first shaft elements is attached to a speed adjusting gear system which engages said generator.