A wave energy electric power generation system, comprising: a buoyant body responsive to vertical wave movement and an associated, relatively vertically stationary body; a working compressor comprising a compressor cylinder and a compressor piston, said compressor piston being mounted for reciprocal movement relative to said compressor cylinder to alternately compress air in opposed air compressor chambers; a pressure regulator comprising a pressure regulator tank defining a regulator chamber in communication with the compressor cylinder for alternately receiving compressed air from each of the opposed air compression chambers, and an impulse 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 at relatively constant pressure to rotate the impulse air turbine to drive the generator for generation of electric power, characterized by a floating piston disposed within said pressure regulator tank and mounted to apply pressure to compressed air received into the regulator chamber, wherein the level of pressure within a lower chamber of the pressure regulator tank is controlled by regulation of the volume of water in a variable volume water ballast tank, which is delivered to, or removed from, the floating piston, and a pressure controller coupled to the floating piston for controlling pressure applied by the floating piston to compressed air in the regulator chamber 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 buoyant body responsive to vertical wave movement and an associated, relatively vertically stationary body; a working compressor comprising a compressor cylinder and a compressor piston, said compressor piston being mounted for reciprocal movement relative to said compressor cylinder to alternately compress air in opposed air compressor chambers; a pressure regulator comprising a pressure regulator tank defining a regulator chamber in communication with the compressor cylinder for alternately receiving compressed air from each of the opposed air compression chambers, and an impulse 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 at relatively constant pressure to rotate the impulse air turbine to drive the generator for generation of electric power, characterized by a floating piston disposed within said pressure regulator tank and mounted to apply pressure to compressed air received into the regulator chamber, wherein the level of pressure within a lower chamber of the pressure regulator tank is controlled by regulation of the volume of water in a variable volume water ballast tank, which is delivered to, or removed from, the floating piston, and a pressure controller coupled to the floating piston for controlling pressure applied by the floating piston to compressed air in the regulator chamber 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.