A wave energy electric power generation system, comprising: a buoyant body responsive to vertical wave movement upon a surface of water and an associated, relatively vertically stationary neutral buoyancy piston; a working compressor comprising a compressor cylinder mounted for vertical movement with the buoyant body, a compressor piston mounted to the relatively stationary neutral buoyancy piston, and a pair of rolling diaphragms extending between the compressor piston and an opposed wall of the compressor cylinder to permit efficient, almost frictionless reciprocal movement of the compressor piston relative to the compressor cylinder to alternately compress air in opposed air compression chambers (638, 861); a pressure regulator comprising a pressure regulator tank defining a regulator chamber (718, 656) in communication with the compressor cylinder for alternately receiving compressed air from each of the opposed air compression chambers (638, 861), a floating piston disposed within said pressure regulator tank and mounted to apply pressure to compressed air received into the regulator chamber (718, 656), a pressure controller coupled to the floating piston for controlling pressure applied by the floating piston to compressed air in the regulator chamber (718, 656) and an hydraulic dampening system coupled to the floating piston for restricting unwanted vertical oscillations of the floating piston, for output of a continuous flow of compressed air at relatively constant pressure, a pair of rolling diaphragms extending between the floating piston and an opposed wall of the pressure regulator tank to permit efficient, almost frictionless reciprocal movement of the floating piston relative to the pressure regulator tank; a hydraulic shock absorber arrangement; and an air turbine and generator set disposed in communication with said pressure regulator for receiving the output of the flow of compressed air from the pressure regulator to rotate the air turbine to drive the generator for generation of electric power; characterized in that the hydraulic shock absorber arrangement comprises at least one set of a snubber piston member (876, 877) and an opposed member defining a snubber cavity (873, 875) of cooperating configuration and containing a hydraulic fluid; one of the snubber piston (876, 877) and the opposed snubber cavity (873, 875) being mounted to the reciprocating buoyant body and the other of the snubber piston (876, 877) and the opposed snubber cavity (873, 875) being mounted to the associated, relatively vertically stationary neutral buoyancy piston, both in relative positions for shock absorbing engagement in a predetermined region corresponding to at least one of an upper end and a lower end of a range of relative motion between the buoyant body and the associated, vertically stationary neutral buoyancy piston. a buoyant body responsive to vertical wave movement upon a surface of water and an associated, relatively vertically stationary neutral buoyancy piston; a working compressor comprising a compressor cylinder mounted for vertical movement with the buoyant body, a compressor piston mounted to the relatively stationary neutral buoyancy piston, and a pair of rolling diaphragms extending between the compressor piston and an opposed wall of the compressor cylinder to permit efficient, almost frictionless reciprocal movement of the compressor piston relative to the compressor cylinder to alternately compress air in opposed air compression chambers (638, 861); a pressure regulator comprising a pressure regulator tank defining a regulator chamber (718, 656) in communication with the compressor cylinder for alternately receiving compressed air from each of the opposed air compression chambers (638, 861), a floating piston disposed within said pressure regulator tank and mounted to apply pressure to compressed air received into the regulator chamber (718, 656), a pressure controller coupled to the floating piston for controlling pressure applied by the floating piston to compressed air in the regulator chamber (718, 656) and an hydraulic dampening system coupled to the floating piston for restricting unwanted vertical oscillations of the floating piston, for output of a continuous flow of compressed air at relatively constant pressure, a pair of rolling diaphragms extending between the floating piston and an opposed wall of the pressure regulator tank to permit efficient, almost frictionless reciprocal movement of the floating piston relative to the pressure regulator tank; a hydraulic shock absorber arrangement; and an air turbine and generator set disposed in communication with said pressure regulator for receiving the output of the flow of compressed air from the pressure regulator to rotate the air turbine to drive the generator for generation of electric power; characterized in that the hydraulic shock absorber arrangement comprises at least one set of a snubber piston member (876, 877) and an opposed member defining a snubber cavity (873, 875) of cooperating configuration and containing a hydraulic fluid; one of the snubber piston (876, 877) and the opposed snubber cavity (873, 875) being mounted to the reciprocating buoyant body and the other of the snubber piston (876, 877) and the opposed snubber cavity (873, 875) being mounted to the associated, relatively vertically stationary neutral buoyancy piston, both in relative positions for shock absorbing engagement in a predetermined region corresponding to at least one of an upper end and a lower end of a range of relative motion between the buoyant body and the associated, vertically stationary neutral buoyancy piston.