The PowerPod converts the heave and surge motion of the wave into useful electricity. Two hydraulic cylinders which are driven by the eccentric shaft are located in the lower legs of the PowerPod in a flooded compartment. High pressure flow lines penetrate the bulkhead between the dry and wet portions of the PowerPod. All other components of the power take-off system are located in the upper horizontal member of the PowerPod. As the force of an approaching wave causes the float to rotate and the hull to heave and surge, the crankshaft drives the hydraulic cylinders. The pressure from the cylinders is accumulated and then used to drive a variable displacement hydraulic motor, which in turn drives an electrical generator, producing variable frequency alternating current.