A wave energy converter using oscillating pendulums, comprising: a buoyant base adapted to float on a body of water and ride on waves; a support frame mounted to the buoyant base, the support frame having: at least one annular rail, the at least one annular rail having an inner surface; a reinforcement member extending diametrically across the at least one annular rail; and a central axle extending concentrically through the at least one annular rail, the central axle being rigidly mounted on and extending through the reinforcement member; and a power generating assembly coupled to the support frame, the power generating assembly having: at least one pendulum assembly (50, 60) rotatably mounted on the central axle; and at least one dynamo (56, 66) mounted on the at least one pendulum assembly (50, 60), the at least one dynamo (56, 66) having a rotor (57, 67) extending therefrom, the rotor (57,67) frictionally engaging the inner surface of the at least one annular rail to roll thereon and generate current; wherein undulating motion of the buoyant base from passing water waves causes the at least one pendulum assembly (50, 60) to oscillate, whereby the rotor (57, 67) rolls along the inner surface of the at least one annular rail to generate current for subsequent collection and distribution. a buoyant base adapted to float on a body of water and ride on waves; a support frame mounted to the buoyant base, the support frame having: at least one annular rail, the at least one annular rail having an inner surface; a reinforcement member extending diametrically across the at least one annular rail; and a central axle extending concentrically through the at least one annular rail, the central axle being rigidly mounted on and extending through the reinforcement member; and at least one annular rail, the at least one annular rail having an inner surface; a reinforcement member extending diametrically across the at least one annular rail; and a central axle extending concentrically through the at least one annular rail, the central axle being rigidly mounted on and extending through the reinforcement member; and a power generating assembly coupled to the support frame, the power generating assembly having: at least one pendulum assembly (50, 60) rotatably mounted on the central axle; and at least one dynamo (56, 66) mounted on the at least one pendulum assembly (50, 60), the at least one dynamo (56, 66) having a rotor (57, 67) extending therefrom, the rotor (57,67) frictionally engaging the inner surface of the at least one annular rail to roll thereon and generate current; at least one pendulum assembly (50, 60) rotatably mounted on the central axle; and at least one dynamo (56, 66) mounted on the at least one pendulum assembly (50, 60), the at least one dynamo (56, 66) having a rotor (57, 67) extending therefrom, the rotor (57,67) frictionally engaging the inner surface of the at least one annular rail to roll thereon and generate current; wherein undulating motion of the buoyant base from passing water waves causes the at least one pendulum assembly (50, 60) to oscillate, whereby the rotor (57, 67) rolls along the inner surface of the at least one annular rail to generate current for subsequent collection and distribution.