Abstract
Dynamical horizons are considered in full, non-linear general relativity. Expressions of fluxes of energy and angular momentum carried by gravitational waves across these horizons are obtained. Fluxes are local, the energy flux is positive and change in the horizon area is related to these fluxes. The flux formulae also give rise to balance laws analogous to the ones obtained by Bondi and Sachs at null infinity and provide generalizations of the first and second laws of black hole mechanics.
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