Abstract: A wave activated power generation system comprises a pump to be located on the sea bottom. The piston of the pump is connected by a flexible connection to a float body to be located at the sea surface. The suction chamber of the pump is connected via a valve arrangement to a suction chamber which communicates with the surrounding sea through a water driven motor. In order to achieve a load equalization a gas reservoir with variable volume is provided in the suction chamber, the gas reservoir being separated from the surrounding sea.